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Abu Dhabi National Oil Company (ADNOC), the UAE's state-owned oil giant, is doubling down on its In-Country Value (ICV) commitments.
Addressing ADNOC's Private Sector and ICV Forum, Group CEO Dr Sultan Al Jaber said that in the next five years, ADNOC will direct approximately an additional 160 billion dirhams ( $43.6 billion) into UAE's economy through the ICV programme.
"This represents a substantial financial spill over impact that will create more opportunities for the private sector and support post COVID-19 economic growth," Al Jaber said.
The programme aims to nurture new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis.
"ICV ensures that more economic value remains within the UAE from the contracts ADNOC awards. We want to make sure what we spend here stays here and helps stimulate the growth of the private sector and local economy," he added.
Since launching the ICV programme in 2018, ADNOC has driven 76 billion dirhams back into the UAE's economy and created more than 2,000 private sector jobs for Emiratis. “In 2020 alone we have supported over 400 Emirati-owned SMEs with contracts valued at 5 billion dirhams,” Al Jaber said.
According to the ADNOC Group CEO, the success of ICV strategy will depend on the collaboration and engagement of the public and the private sector.
"The path to progress on ICVs is clear. Together we will expand strategies that enable domestic manufacturing and enhance the growth of local companies. This will create more job opportunities for Emiratis while advancing UAE's economic diversification. Our combined effort will play an essential role in building resilience and driving the UAE's post COVID-19 economic growth," Al Jaber told business partners and delegates who attended the company's Private Sector and ICV Forum.
Last month, the Supreme Petroleum Council (SPC) in Abu Dhabi had approved ADNOC’s capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable growth.
ADNOC also announced the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in Abu Dhabi.
(Reporting by Seban Scaria; editing by Daniel Luiz)
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