The Abu Dhabi National Oil Company (ADNOC) on Thursday announced that it will spend an amount of AED 18 billion in its recently launched In-Country Value (ICV) programme by the end of 2018.
ADNOC and its contractors will spend this investment on local goods and services, which is expected to increase even further in the coming years as recently awarded contracts progress to the implementation phase, according to ADNOC’s statement.
The state-owned oil company established the programme, which was approved recently by Abu Dhabi’s Supreme Petroleum Council, to create additional skilled employment opportunities for UAE nationals and further maximise the use of local products, manufacturing and assembly facilities, services and infrastructure.
“ICV programme 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,” Sultan bin Ahmad Al Jaber, Minister of State and ADNOC Group CEO, said.
Around 1,500 local suppliers have already obtained ICV certification.
“The ICV evaluation formula takes account of goods manufactured in the UAE, the value of third-party spend in the UAE, a company’s investment in the UAE and its Emiratisation record, as well as the contribution of expatriate employees, who are based in the UAE, to the UAE economy,” the statement highlighted.
The evaluation also takes account of a supplier’s plans to increase ICV, as well as operates costs, along with any exports created.