UAE’s ADNOC Boosts Local Economy with $54.4 Billion

The UAE’s ADNOC continues its efforts to support the local economy by redirecting approximately 200 billion dirhams ($54.4 billion) over five years through its In-Country Value (ICV) program. This initiative aims to diversify the economy and create job opportunities for Emiratis, reflecting the company’s commitment to sustainable development in the UAE.

Investment in Local Industries

ADNOC aims to accelerate the localization of manufacturing, providing significant opportunities for local and international companies to benefit from its plans to purchase locally manufacturable products. This is expected to strengthen the UAE’s manufacturing sector and support it with local investments.

Tangible Achievements in 2024

In 2024, the program injected 55 billion dirhams ($14.9billion)\ast \ast intothelocaleconomy,creating\ast \ast 5,500jobopportunities\ast \ast forEmiratisintheprivatesector.Sinceitslaunchin2018,theprogramhasaddedaneconomicvalueof\ast \ast 242billiondirhams($65.8 billion).

Supporting National Talent

Since the program’s inception, over 17,000 Emiratis have been employed in the private sector, highlighting ADNOC’s commitment to providing job opportunities and enhancing employment across various national industries.

Strategic Agreements to Boost Manufacturing

ADNOC has signed agreements with local and international companies worth 72 billion dirhams ($19.6 billion) to manufacture products locally. This step aligns with the company’s goal to purchase 90 billion dirhams worth of locally manufacturable products by 2030.

Supporting the “Make it in the Emirates” Initiative

ADNOC supports the “Make it in the Emirates” initiative, which aims to encourage industrial growth and promote innovation. The company is also focusing on enhancing the food manufacturing sector by signing significant agreements with local food suppliers, further boosting the national economy.