ADNOC INVESTMENT $109 BLN
AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company's ICV contribution and strengthening its relationship with the UAE's private sector.
All business partnerships with ADNOC now include an ICV assessment as part of the tender evaluation and award process. The ADNOC ICV strategy seeks to stimulate private sector partnerships and opportunities resulting from ADNOC's 2030 growth strategy, catalyse socio-economic development, improve knowledge transfer and create additional employment for UAE nationals. It reinforces the company's commitment to supporting local businesses and their role in driving economic diversification and GDP growth.
ADNOC's $109bn capital spend across its entire value chain, over the next five years, will create multiple opportunities for local companies to grow alongside ADNOC, as international companies work more closely with local SMEs to maximise the use of local products, manufacturing and assembly facilities, services and infrastructure.
Dr Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO, said: "In line with the directives of the country's leadership, ADNOC is committed to engaging with and supporting the local private sector. As one of the backbones of the UAE and Abu Dhabi economies, ADNOC provides the stimulus for economic growth, supports GDP diversification and drives employment."
"Our ICV strategy will further strengthen our partnerships with the local private sector and drive even more opportunities for local businesses to benefit and grow alongside us, as well as employment opportunities for Emiratis. It is a win-win situation for the nation, the economy, our suppliers, and for ADNOC."
The criteria which will be utilised to assess suppliers' ICV contribution include goods and services sourced locally, employment and development opportunities for Emiratis, in-country spend of subcontractors, supplier's investment in the UAE, and expat contribution in the UAE.
As part of the ongoing development of the ICV strategy, ADNOC will undertake a series of strategic initiatives including: identifying strategic suppliers and collaborating with them to develop their long-term ICV strategies; identifying appropriate categories for which only local small and medium companies will be invited to take part in the tender process; providing high-level visibility of ADNOC's future spend to incentivise and encourage supplier to enhance their investment in the UAE; and facilitating focused training programmes for Emiratis to increase the employability of local workforce.
To support the roll-out of its implementation plan, ADNOC is hosting a series of workshops with suppliers to introduce them to the company's ICV guidelines and policies, and explain how suppliers' ICV contributions will be certified. ADNOC has appointed a group of leading certifying bodies who will be responsible for verifying the ICV performance of all suppliers on an annual basis, or when required.
ADNOC's ICV strategy is an extension of its 2030 growth strategy to create a more profitable upstream and more valuable downstream business, as well as ensure an economic and sustainable supply of gas. As ADNOC continues to make investments in maximising the value of its assets and resources, ICV initiatives will help ensure domestic businesses are well positioned to benefit from planned large-scale projects that form the foundations of ADNOC's own growth plans.
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