UAE - Mubasher: The UAE Ministry of Industry and Advanced Technology (MoIAT) has inked three separate Memorandum of Understandings (MoU) with Emirates Telecommunications Group (Etisalat), Emirates Steel, and Abu Dhabi National Energy Company (TAQA) as the first three national companies joining the National In-Country Value (ICV) Programme.
After joining the ICV Programme, the three companies will prioritise local ICV-certified suppliers above other entities bidding for commercial contracts, according to a press release on Sunday.
The programme was introduced by Sultan bin Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, as part of the first set of 'Projects of the 50'.
This step is in line with the UAE's National Strategy for Industry and Advanced Technology, which aims to raise the UAE industrial sector’s contribution to the gross domestic product (GDP) to AED 300 billion by 2031.
The Undersecretary of MoIAT, Omar Suwaina Al Suwaidi, commented: "The ICV Program has a proven track record of success. First implemented on a local scale in 2018, the ICV Program helped redirect AED 88 billion into the UAE’s industrial sector and created more than 2,000 jobs for Emiratis."
Al Suwaidi added: "Now we are implementing it at the federal level, and we expect similarly impressive results with more than 42% of government and private sector expenditure to the UAE’s industrial sector and the supply chains serving it by 2025."
