ADNOC is set to drive AED200 billion ($54.45 billion) into the UAE’s economy over the next five years through its In-Country Value (ICV) Program, stimulating economic growth and diversification for the nation.
The new target provides greater opportunities for local and international companies to capitalize on the company’s procurement pipeline by investing in the UAE’s manufacturing and industrial sector and prioritizing job creation for Emiratis.
“In line with the UAE leadership’s vision, ADNOC continues to serve as a key driver of the nation’s economic diversification and growth through our highly successful In-Country Value (ICV) Program,” stated Yaser Saeed Almazrouei, ADNOC executive director of people, commercial and corporate support.
ADNOC reinvests AED55 billion in 2024
In 2024, ADNOC’s ICV Program reinvested AED55 billion into the UAE’s economy and created 5,500 jobs for UAE Nationals in the private sector in partnership with the Emirati Talent Competitiveness Council (Nafis). The achievements bring the total value ADNOC has driven back into the UAE economy to AED242 billion, with 17,000 Emiratis employed in the private sector since the program launched in 2018.
“Building on this momentum, we are expanding private sector job opportunities for UAE Nationals and offering compelling prospects for the private sector to contribute to the UAE’s industrial expansion,” added Almazrouei.
ADNOC supports UAE’s food industry
Through its ICV Program, ADNOC is also supporting the growth and diversification of the UAE’s food industry by encouraging the procurement of high-quality local food products.
Recently, ADNOC’s catering contractors including Apex, Kelvin, Royal, NCTH, NCC and ADNH, signed agreements worth more than AED540 million with 55 UAE-based sub-suppliers at the Global Food Week event that took place in Abu Dhabi. ADNOC had previously signed agreements worth over AED1 billion with four catering contractors to provide food catering services to all ADNOC Group companies from 2022 to 2027.
The food catering agreements reinforce ADNOC’s contribution to the UAE’s National Food Security Strategy and support its efforts to increase the share of UAE-grown produce used in its supply chain from 25 percent to 60 percent across 11 key food categories by the end of 2024.
Industrial sector boost
ADNOC’s ICV Program is also boosting the UAE’s industrial sector. The company has signed local manufacturing agreements for critical industrial products with UAE and international companies worth AED72 billion since 2022. This reinforces its target to locally manufacture AED90 billion worth of products in its procurement pipeline by 2030 in support of the UAE’s Make it in the Emirates (MIITE) initiative.
In addition, the company recently awarded AED720 million in contracts to 11 companies for the local manufacturing of a wide range of products across its value chain. Separately, ADNOC’s partners inaugurated eight UAE manufacturing facilities at ADIPEC, taking the total number of facilities enabled by the ICV Program to 16 in 2024 and 33 in total since the start of the MIITE initiative.
