The Abu Dhabi National Energy Company, also known as Taqa, Emirates Steel and Etisalat signed an agreement to join the national in-country value programme with the Ministry of Industry and Advanced Technology.
The agreement to boost the companies’ local manufacturing component was signed as part of the UAE’s Projects of the 50, expected to propel the country’s development over the next 50 years.
The signings were attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah Al Amiri, Minister of State for Advanced Technology.
The national in-country value programme will certify local suppliers for commercial contracts over other entities.
The first 13 initiatives included visas for freelancers, highly skilled professionals, investors, entrepreneurs, top students and graduates to sponsor themselves.
These initiatives will be the cornerstone of growth as the country marks 50 years since unification.
The UAE plans to double the industrial sector’s contribution to national gross domestic product to Dh300 billion by 2031, from Dh133bn currently. Known as “Operation 300bn”, the plan was launched earlier this year and aims to support 13,500 industrial companies in the next decade.
The country’s industrial sector will receive financial backing from the government to support its operations and improve competitiveness in export markets, the ministry said in July.
The in-country value programme, which started in 2018, has led to the creation of 2,000 jobs and helped channel Dh88bn into the UAE’s industrial sector, said Omar Al Suwaidi, undersecretary of the Ministry of Industry and Advanced Technology.
“We are implementing it at the federal level and we expect similarly impressive results with more than 42 per cent of government and private sector expenditure to the UAE’s industrial sector and the supply chains serving it by 2025,” he said.
State entities such as Abu Dhabi National Oil Company have been pushing for greater local content across their operations.
National oil companies in the region, such as Saudi Aramco, have made in-country value generation a key driver of private sector growth and local job creation.
Adnoc started its in-country value programme in 2018 with an expenditure of Dh18bn as part of efforts to ensure that local suppliers and companies are engaged across its value chain to boost the domestic economy.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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