Abu Dhabi’s ADNOC signs agreement with Mubadala, ENEC to partner on In-Country Value programme

The Abu Dhabi National Oil Company (ADNOC) signed two framework agreements with Mubadala Investment Company and Emirates Nuclear Energy Corporation (ENEC) to partner on ADNOC’s In-Country Value (ICV) programme on Sunday, September 20.

The ICV programme has driven more than Dhs44bn ($12bn) back into the UAE’s economy and created over 1,500 private-sector jobs for Emiratis since its launch in January 2018.

Under the terms of the new agreement, ADNOC, Mubadala, and ENEC will explore potential opportunities for collaboration in creating additional skilled employment opportunities for Emiratis in the private sector, and will also focus on sourcing goods and services from within the UAE, reported official news agency WAM.

Learn more about #ADNOC’s agreements with @Mubadala and @ENEC_UAE to to drive In-Country Value for the #UAE pic.twitter.com/gW5XsBMpQt

— ADNOC Group (@AdnocGroup) September 20, 2020

The three companies will explore the potential for further localising strategically critical parts of their value chain.

“We are very pleased to be partnering with Mubadala and ENEC to standardise the In-Country Value certification process across both companies. These agreements build on the success of ADNOC’s ICV programme which continues to create opportunities for the private sector, generate jobs for Emiratis, and catalyze socio-economic development in the country, in line with the wise directives of the leadership,” said Rashed Saud Al Shamsi, director, commercial directorate at ADNOC.

ENEC chief operating officer, Ali Al Zaabi, stated how the firm had already begun to collaborate with local companies to channel investments into the UAE and generate jobs. “The signing of this agreement underlines the continued commitment of the Emirates Nuclear Energy Corporation to stimulating strategic sectors of the economy, supporting local companies and providing valuable jobs. To date, over 2,000 local companies have been awarded contracts with ENEC worth Dhs17.5bn,” said Al Zaabi.

Mubadala’s director of business services, Haifa Al Maskari, also added: “The In-Country Value Programme has been shown to significantly contribute to the economic development of the UAE, while simultaneously creating jobs for Emiratis within the private sector. Partnering with ADNOC on this critical national initiative will ensure that we continue to create sustainable value for the local economy while supporting its diversification and growth.”

More than 4,000 suppliers across a number of sectors including oil and gas, construction, food and hospitality are certified in ADNOC’s ICV Programme.

In February 2020, ADNOC and the Abu Dhabi Department for Economic Development signed an agreement to integrate and standardise ADNOC’s ICV certification programme across the Abu Dhabi Government’s procurement processes.

A similar agreement was signed between ADNOC, Abu Dhabi Ports, and Aldar Properties in November 2019 to extend the programme to the logistics and construction sectors.

Earlier this month, ADNOC Onshore awarded two major contracts worth cumulatively $245m to upgrade two main oil lines and crude receiving facilities at the Jebel Dhanna terminal in Abu Dhabi.

Read: ADNOC awards $245m contracts to upgrade Jebel Dhanna terminal in Abu Dhabi

However, by way of the ICV programme, over 50 per cent of the total award value will flow back into the UAE’s economy.