ADNOC ICV programme to inject Dhs200bn into economy over 5 years

The Abu Dhabi National Oil Company (ADNOC) announced on Monday that it will invest Dhs200bn into the UAE’s economy over the next five years as part of its in-country value (ICV) programme.

This initiative aims to drive economic growth and diversification.

The new target unlocks significant opportunities for both local and international companies to engage with ADNOC’s procurement pipeline, fostering investment in the UAE’s manufacturing and industrial sectors, while simultaneously driving job creation for Emiratis.

In 2024 alone, ADNOC’s ICV programme reinvested Dhs55bn into the UAE economy and helped facilitate the creation of 5,500 private-sector jobs for UAE nationals, in collaboration with the Emirati Talent Competitiveness Council (Nafis).

Since its inception in 2018, ADNOC’s ICV programme has delivered Dhs242bn in economic value and enabled the employment of 17,000 Emiratis in the private sector, highlighting the company’s commitment to sustainable economic growth and talent development within the nation.

ADNOC will continue supporting UAE’s vision for economic diversification

Yaser Saeed Almazrouei, ADNOC’s executive director of People, Commercial and Corporate Support, emphasized the company’s role in supporting the UAE leadership’s vision for economic diversification. “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 ICV programme,” Almazrouei stated.

“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. We invite local and international companies to leverage our ICV programme to create sustainable value and foster mutual success,” he added.

ICV programme highlights

The ICV programme continues to strengthen the UAE’s industrial sector by promoting local manufacturing and driving economic diversification.

Since 2022, ADNOC has signed agreements worth Dhs72bn with both UAE-based and international companies to locally manufacture critical industrial products. This aligns with ADNOC’s target of producing Dhs90bn worth of products in the UAE by 2030 and supports the UAE’s ‘Make it in the Emirates’ campaign, which aims to stimulate industrial growth and innovation.

In addition to industrial expansion, ADNOC is also focusing on fostering growth in the UAE’s food industry through the ICV programme.

The company has prioritized the procurement of high-quality local food products, with catering contractors signing agreements worth over Dhs540m with 55 UAE-based sub-suppliers at the recent Global Food Week in Abu Dhabi.

These agreements build upon previous contracts exceeding Dhs1bn, signed with four contractors to deliver food catering services across ADNOC Group companies from 2022 to 2027.

ADNOC’s food-related initiatives are aligned with the UAE’s National Food Security Strategy, which aims to increase the share of UAE-grown produce in its supply chain from 25 to 60 per cent across 11 key food categories by the end of 2024.

Furthermore, ADNOC awarded contracts worth Dhs720m to 11 companies for the production of a diverse range of products across its value chain.

At the recent Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), ADNOC’s partners inaugurated eight new manufacturing facilities in the UAE.

This brings the total number of ICV programme-inaugurated facilities to 16 in 2024, with 33 since the launch of the ‘Make it in the Emirates’ initiative.