Emirates Global Aluminum (EGA), the UAE’s largest industrial company outside oil and gas, has joined the UAE Ministry of Industry & Advanced Technology’s (MoIAT) National In-Country Value (ICV) program, as the company moves towards its goal of doubling its economic impact by 2040.
Regarding the implementation of the ICV program, Mr. Omar Suwaina Al Suwaidi, Undersecretary at the MoIAT, and Mr. Abdulnasser bin Kalban, Chief Executive Officer of EGA, signed a Memorandum of Understanding (MoU).
The signing of the preliminary agreement represents a “big boost” to the ICV Program given EGA’s scale, which generates around $5.44 billion in economic activity yearly and supports more than 60,000 jobs in the UAE.
“The National ICV program will enhance the capabilities of local suppliers holding a National In-Country Value Certificate through increased demand for local goods and services and the redirection of more than 42 percent of government and participating private-sector procurement by 2025. This will create new business opportunities, stimulate industrial growth and incentivize advanced technology adoption. By joining the program, EGA is making an important contribution to the UAE’s industrial strategy and we look forward to more national champions following suit.”
The main objective of an ICV Certificate is to boost the private sector’s participation in the economy, enable the diversification of GDP and localize critical parts of the supply chain.
EGA’s ICV participation is the latest in a string of partnerships that are boosting the program. Last week, the Ministry teamed up with Abu Dhabi’s Department of Economic Development (ADDED) and Abu Dhabi National Oil Company (ADNOC) to enhance support for the UAE’s Make it in the Emirates campaign, which promotes locally made products and services.
Earlier, Etihad Rail, the developer and operator of the UAE’s national railway network, the Emirates’ defense conglomerate Edge, and the Sharjah Investment and Development Authority, telecoms operator Etisalat, Emirates Steel and Abu Dhabi National Energy Company (TAQA) also signed up to the program.
The MoIAT’s agreements are designed to enhance cooperation between the ministry and major national companies to achieve the goals of the ICV program, which is in line with the national strategy for industry and advanced technology, Operation 300bn, launched this year with the aim of doubling industry’s contribution to national GDP to $81 billion by 2031.
“One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us. We are looking forward to working with the ministry on this important project,” Mr. Kalban said.
The UAE’s industrial strategy is focused on establishing the UAE as a global hub for future industries and enhancing the competitiveness of the country’s industrial sector. The ICV program is one of those initiatives led by MoIAT to boost the industrial sector.