The Abu Dhabi National Energy Company, also known as Taqa, Emirates Steel, and Etisalat signed an agreement with the Ministry of Industry and Advanced Technology to participate in the national ICV programme.
The agreement to increase the companies’ local manufacturing component was signed as part of the UAE’s Projects of the 50, which are expected to propel the country’s development over the next 50 years.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah Al Amiri, Minister of State for Advanced Technology, were present at the signings.
The national in-country value programme will favour local suppliers for commercial contracts over other entities.
The first 13 initiatives included visas for freelancers, highly skilled professionals, investors, entrepreneurs, top students, and graduates to sponsor themselves.
These initiatives will be the bedrock of growth as the country celebrates 50 years since its unification.
The UAE intends to double the industrial sector’s contribution to national GDP to Dh300 billion by 2031, from Dh133 billion now. The plan, dubbed “Operation 300 billion,” was announced earlier this year and aims to assist 13,500 industrial companies over the next decade.
The government will provide financial assistance to the country’s industrial sector in order to support operations and improve competitiveness in export markets, according to the Ministry of Industry in July.
According to Omar Al Suwaidi, undersecretary of the Ministry of Industry and Advanced Technology, the in-country value programme, which began in 2018, has resulted in the creation of 2,000 jobs and the channelling of Dh88 billion into the UAE’s industrial sector.
“We are implementing it at the federal level, and we expect similarly impressive results, with more than 42% of government and private sector expenditure to the UAE’s industrial sector and supply chains serving it by 2025,” he said.
State-owned enterprises, such as Abu Dhabi National Oil Company, have been pushing for more local content in their operations.
National oil companies in the region, such as Saudi Aramco, have made ICV generation a key driver of private sector growth and local job creation.
Adnoc launched its in-country value programme in 2018 with a Dh18 billion investment to ensure that local suppliers and companies are involved across its value chain in order to boost the domestic economy.
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