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Thu 15 Nov 2018 02:06 PM

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ADNOC says to raise in-country UAE spending to $4.9bn

Abu Dhabi National Oil Company increases spending on local goods and services as part of program to boost UAE economy

ADNOC says to raise in-country UAE spending to $4.9bn
Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

Abu Dhabi National Oil Company (ADNOC) has announced its in-country value (ICV) spend for 2018 will be over AED18 billion ($4.9 billion).

This represents a significant year-on-year increase and is attributed to the company’s new program, which was launched in January, to increase spending on local goods and services.

The company said this is expected to increase even further in the coming years as recently awarded contracts progress to the implementation phase.

Around 1,500 local suppliers have already obtained ICV certification, it added.

ADNOC said its 2019-2023 business plan and capital investment growth of AED 486 billion – approved recently by Abu Dhabi’s Supreme Petroleum Council – will create additional skilled employment opportunities for UAE nationals and further maximise the use of local products, manufacturing and assembly facilities, services and infrastructure.

ADNOC added that its ICV program is aligned with the economic objectives of Tomorrow 21, the Abu Dhabi blueprint for economic growth.

Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “For many decades, ADNOC has been an important catalyst for progress and development in the UAE. In line with the strategic objectives of our nation’s leadership, our in-country value program reinforces ADNOC’s strong commitment to the UAE economy.      

“Our ICV program is already making an important contribution by creating business and investment opportunities in the private sector, increasing the purchase of local goods and services and the employment of UAE nationals, and developing the knowledge sector.

“With ICV now included as part of all tender evaluations and award processes, the amount of ICV created will continue to increase, and I am confident that ADNOC, our partners and our suppliers will further generate economic growth and development, helping prepare the emirate, and the UAE, for a more prosperous future.”

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