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More than AED100 billion (US$27 billion) has been redirected into the economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and Adnoc launched a major domestic value program to support local industries.
Speaking at the UAE Manufacturing Forum, MoIAT Assistant Undersecretary Abdulla Al Shamsi said more than AED53 billion in investment was redirected to the local economy last year alone, a 25 percent increase year-on-year. He noted that the national ICV program started with just three entities but has now grown to include 26 entities.
“The National Domestic Values Program is a national program that speaks one language across many different sectors,” he said. “It’s an approach, and it’s something we’re very proud of because it benefits the private sector, and when the private sector sees that, it helps them prepare, invest and spend.”
local industry
The program’s achievements build on Adnoc’s Domestic Value Programme, which MoIAT implemented nationwide in 2021. At least AED145 billion has been transferred to local industries since 2018, according to Dr Saleh Al Hashmi, Director of Commercial and ICV at Adnoc. Moreover, Adnoc’s he added that purchases by local manufacturers have tripled compared to last year.
The ICV program is “working well and accelerating”, he said, noting that Adnoc plans to provide a further 5,000 jobs through the program over the next few years, building on the 5,000 jobs already created.
The duo took part in a panel and also heard from Ahmed Rahma Al Masaood, vice-chairman of Al Masaood Energy, and Eng Arafat Al Yafei, executive director of the Industrial Development Authority.
To improve the competitiveness of locally manufactured goods, Al Yafei revealed plans to focus on improving the quality, cost and processing procedures of UAE-made products.
10 memoranda of understanding
He said the Industrial Development Authority signed 10 memorandums of understanding with financial institutions on May 31 to ensure banks support the industrial sector. The bureau is also working with MoIAT to move the manufacturing industry towards Industry 4.0 and digitization to increase productivity, improve traceability and reduce operating costs.
“Our aim is to really make sure that our products are not only highly competitive locally but globally to achieve [Abu Dhabi’s] 143% target for increasing non-oil exports,” Al Yafei added.
He also pointed to the National Intelligent Connected Vehicle Program as an important factor in attracting investment.
Meanwhile, Ahmed Rahma Al Masaood, vice-chairman of Al Masaood Energy, said emiratization remains a “key component” of the country’s ICV plan, describing how the plan is developing local talent for the private sector.
priority investment
“Under the direction of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the current leadership, along with his fellow UAE rulers, continues to prioritize investing in Emiratis through education and providing them with endless opportunities to develop their skills.”
The second edition is organized by MoIAT in partnership with the Abu Dhabi Department of Economic Development and Adnoc.
The forum has many corporate sponsors, including diamond sponsors such as Mubadala Investment Company, Emirates Steel Arkan, UAE Development Bank (EDB), and gold sponsors such as Aldar, Tawazun Council, KEZAD Group, Agthia, Edge, PureHealth, etc.
Silver sponsors for the event include First Abu Dhabi Bank (FAB), Dubai Investments, Al Masaood Energy, Emirates Global Aluminum and Abu Dhabi Development Fund (ADFD), while bronze sponsor is Etihad Credit Insurance ( ECI), Dubai City of Industry, Electro Mechanical Company, Mashreq Bank, Baker Hughes, National Oilwell Varco (NOV), Control Contracting and Trading (CCTC), Weatherford International and Schlumberger. — trade arab news agency
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