ADNOC partners with Mubadala, ENEC to boost in-country value in UAE

UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed two framework agreements with Mubadala Investment Company (Mubadala) and Emirates Nuclear Energy Corporation (ENEC) to boost in-country value for the UAE.

Under the agreements, Mubadala and ENEC will partner on ADNOC's In-Country Value (ICV) programme, according to a press release on Sunday.

The programme has injected over AED 44 billion ($12 billion) back into the UAE economy and created over 1,500 private-sector jobs for Emiratis since it was launched in January 2018.

The partnership between the three companies will encourage more entities to adopt ADNOC's ICV programme.

ADNOC, Mubadala, and ENEC will also focus on creating more skilled employment opportunities for Emiratis in the private sector and explore the potential for further localising goods and services of their value chain.

The Director and Commercial Directorate at ADNOC, Rashed Saud Al Shamsi, said: "These agreements build on the success of ADNOC’s ICV program which continues to create opportunities for the private sector, generate jobs for Emiratis, and catalyze socio-economic development in the country, in line with the wise directives of the leadership."

It is noteworthy to mention that in February 2020, ADNOC and the Abu Dhabi Department for Economic Development (ADDED) inked a framework agreement to apply the ICV programme on the Abu Dhabi government’s procurement process.

This agreement came after ADNOC, Abu Dhabi Ports, and Aldar Properties penned a similar agreement in November 2019.

Mubasher Contribution Time: 20-Sep-2020 10:59 (GMT)
Mubasher Last Update Time: 20-Sep-2020 10:59 (GMT)