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ADNOC, ADDED sign MoU to drive in-country value for Abu Dhabi

Industry

The Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi National Oil Company (ADNOC) has signed a Memorandum of Understanding (MoU) to enhance cooperation and drive in-country value (ICV) for Abu Dhabi following the success of ADNOC’s ICV programme

Under the terms of the agreement, ADDED will integrate and standardise ADNOC’s ICV certification programme across the Abu Dhabi Government’s procurement process. This extends the impact and reach of the ICV initiative, which ADNOC developed to strengthen the spill-over economic impact across the UAE.

Following this agreement, businesses can make a one-time application for a unified ICV certificate that will now be applicable for the Abu Dhabi Government’s commercial evaluation process of goods and services procurement.

Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi executive council and chairman of the Abu Dhabi executive office, was present during the signing ceremony.

The MoU was signed by Dr Sultan bin Ahmad Sultan Al Jaber, minister of State and ADNOC Group CEO, and Mohammed Ali Al Shorafa Al Hammadi, ADDED Chairman.

Part of ADDED’s Ghadan 21 initiatives, this new cooperation will enhance localisation measures in the emirate, improve transparency, create jobs and accelerate the private sector’s contribution to economic development in Abu Dhabi.

Dr Sultan Al Jaber said, “Our partnership with ADDED to unify the process and standards for ICV certification will deepen the impact of the ICV initiative we launched, driving economic diversification and further catalysing the UAE and Abu Dhabi’s socio-economic development. This agreement will help stimulate more commercial opportunities for local companies and create more private-sector jobs for UAE nationals.”

For his part, Mohammed Al Hammadi said, “This initiative reflects the drive to consolidate efforts among government and semi-government entities to support the growth of the private sector, and direct government spending towards the development of local content. ADDED is proud to be supporting Ghadan 21’s goal of transforming Abu Dhabi’s economy.”

ICV Certificates measure a company’s contribution to socio-economic development by taking into account the goods produced or manufactured locally, the value of spend on locally procured products and services, a company’s local investment and its Emiratisation record, as well as UAE-based expatriate employees’ contribution to the national economy.

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