ADNOC’S ICV Program Boosts UAE Economy With Dhs55bn Reinvestment

(MENAFN- The Arabian Post) Arabian Post -

Abu Dhabi National Oil Company (ADNOC) has made significant strides in its efforts to bolster the UAE economy, with its In-Country Value (ICV) program channeling Dhs55 billion into the local Economy in 2024 alone. This reinvestment has played a pivotal role in creating thousands of private-sector jobs, contributing to the growth of both the oil and gas sector and broader industries across the nation.

The ICV program, a critical part of ADNOC's long-term strategy, seeks to enhance local content in procurement and spending, aligning with the UAE's broader goal of economic diversification. By prioritizing local businesses, ADNOC ensures that a larger portion of its spending circulates within the country, fostering national industries and creating jobs for UAE nationals and expatriates alike.

According to ADNOC, the program's success has already yielded tangible results, including the creation of 5,500 private-sector jobs. These jobs span multiple sectors, ranging from engineering and technology to logistics and construction, contributing to a more resilient workforce and providing opportunities for local talent. This growth reflects the UAE's commitment to reducing its dependence on foreign labor and nurturing a skilled and capable workforce to drive future innovations and investments.

This achievement is part of ADNOC's ongoing efforts to integrate sustainability into its business practices. By fostering the growth of domestic suppliers and manufacturers, the company is promoting environmentally and economically sustainable practices. Many of the businesses benefiting from the ICV program focus on renewable energy solutions, further aligning ADNOC's goals with the UAE's broader sustainability ambitions, as outlined in the UAE Vision 2030.

The ICV program's success can also be attributed to its alignment with the UAE government's broader efforts to stimulate the non-oil economy. By encouraging businesses to invest locally, ADNOC has strengthened the economic fabric of the UAE, creating a robust environment for private-sector companies to thrive. This, in turn, has facilitated a more diverse and resilient economic structure, reducing the nation's reliance on the oil industry.

The ICV initiative also ties into ADNOC's long-term investment strategy, which involves leveraging global partnerships and technology to enhance local capabilities. By collaborating with international firms, ADNOC helps facilitate the transfer of knowledge and expertise to the UAE, ensuring that local businesses are equipped to compete on the global stage. Through this, ADNOC not only increases the capacity of local firms but also enhances their ability to tap into international markets.

The expansion of the ICV program is timely, as the UAE continues to position itself as a hub for energy innovation and sustainability. The UAE government's ambitious efforts to transition to a green economy have resonated across multiple sectors, with ADNOC leading the charge in making significant strides toward energy diversification. This momentum is supported by the ICV program, which has enabled companies to adopt cutting-edge technologies and practices, increasing overall productivity while reducing the environmental impact.

ADNOC's strategy aligns with global efforts to accelerate the energy transition. The company has heavily invested in initiatives that reduce carbon emissions, making it one of the foremost energy players in the Middle East focusing on decarbonization. By enhancing local industries and diversifying its supply chain, ADNOC strengthens its capacity to meet these sustainability targets.

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