Abu Dhabi National Oil Company said on Tuesday it is expanding its in-country value programme, which will see Dh160 billion ($43.5bn) flowing back into the local economy over the next five years.
The UAE's Supreme Petroleum Council last month approved the oil giant's plans to spend Dh448bn over the next five years, of which more than a third will be directed into the UAE's economy.
“ICV is a powerful mechanism for ensuring more economic value remains in the UAE from the contracts we award," Dr Sultan Al Jaber, Adnoc's group chief executive, said.
"In short, we want to make sure that what we spend here, stays here, and helps stimulate the growth of the private sector and local economy," added Dr Al Jaber, who also serves as the UAE's minister of industry and advanced technology.
National oil companies in the region, such as Saudi Aramco, have made in-country value generation a key driver to stimulate private sector growth and boost local job creation. Saudi Aramco, through its 'In-Kingdom Total Value Add' initiative, is aiming to meet at least 70 per cent of its procurement spending from Saudi Arabian companies by 2021.
Adnoc started its in-country value programme last year, spending Dh18bn to ensure that local suppliers and companies are engaged across its value chain to boost the domestic economy.
Adnoc is further expanding the programme, spending Dh5bn this year on more than 400 local micro, small and medium-sized enterprises, Dr Al Jaber said.
So far, the in-country value programme has driven more than Dh76bn back into the UAE economy and created over 2,000 job opportunities in the private sector for Emiratis, Adnoc said.
The ICV programme has qualified over 4,200 suppliers through more than 20 certifying bodies.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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