UAE Ministry of Industry and Advanced Technology (MoIAT) has signed separate memorandum of understandings (MoU) with Etisalat, Emirates Steel and TAQA making the national companies to be the first three to join the In-Country Value (ICV) program.
ICV is a program launched in 2018, with the objective of encouraging Emiratization in the Private Sector, diversifying the local economy and strengthening the local supply chain. By joining the program, which was officially launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, as part of the first set of ‘Projects of the 50’, Etisalat, Emirates Steel and TAQA will now prioritize local ICV-certified suppliers over other entities bidding for commercial contracts.
The move is part of the UAE’s broader National Strategy for Industry and Advanced Technology, which aims to boost the UAE industrial sector’s contribution to GDP to $81.6 billion by 2031 by supporting companies that produce goods and services in the country.
Omar Suwaina Al Suwaidi Undersecretary MoIAT
“Today’s MoU signings mark an important next step for increasing the local content in the UAE’s industrial sector. As we continue building on the momentum of Operation 300bn, the National ICV Program will be a crucial enabler of localizing and fortifying our robust supply chains. Under the MoUs, Etisalat, Emirates Steel and TAQA will prioritize suppliers based in the UAE for their commercial tenders, to redirect spending on industrial projects to local companies and increase opportunities for growth in the local market.”
The ICV program has a successful track record as it helped redirect $24 billion into UAE’s industrial sector and has created more than 2000 job opportunities in the Emirate. It also encouraged small and medium-sized entrepreneurship (SMEs).
Now that it is being implemented at the federal level, the ministry expects similar impressive results with more than 42 percent of government and private sector expenditure to the UAE’s industrial sector and the supply chains serving it by 2025. National ICV certification will help unlock great opportunities for local suppliers to develop Fourth Industrial Revolution (4IR) solutions and accelerating the integration of advanced technologies across the industrial value chain.
TAQA, Abu Dhabi National Energy Company remains committed to adding value to the local market. Etisalat, on the other hand, is recognized as the fastest mobile network in the world and the strongest brand in the Middle East and North Africa (MENA) while it continues to leverage advanced technologies such as 5G, the internet of things (IoT), artificial intelligence (AI), cloud solutions and more.
Emirates Steel continues its endeavor to enhance the performance of the iron and steel industry in the UAE, in line with its vision to be among the best iron and steel manufacturers in the world.
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