The UAE has started implementing the In-Country Value Program (ICV) on the procurement policies of all 45 federal government entities in order to develop the competitive advantage of national products and services.
The program will contribute to redirecting more than 42 percent of the purchases and contract expenses of government entities and major companies to the national economy, which will raise the demand for Emirati services and products from the current AED33 billion ($8.99 billion) to AED55 billion ($14.98 billion) by 2025. Also, the number of approved suppliers will increase to 7,300 companies.
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said: "We are confident that this step will have a direct positive impact that will contribute to the development of the efficiency of supply chains, and the development of local industries in a way that consolidates the country’s competitiveness in modern industries.”
To encourage companies to obtain the In-Country Value Certificate, the Emirates Development Bank, under an agreement with the Ministry of Industry and Advanced Technology, will provide financing solutions to local suppliers and member companies in the program, in a way that will raise the demand for Emirati services and products.
According to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, programme will provide sustainable solutions to the growing demand for highly efficient supply chains, and this will increase the demand for Emirati products and services, promote the capabilities of local suppliers, and attract more foreign investments to the industrial sector.
Since the announcement of the implementation of the ICV program at the federal level, the companies who have agreed to participate in it include the Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi Department of Economic Development, Aldar Properties, the Emirates Nuclear Energy Corporation, Mubadala, Emirates Telecommunications Company (Etisalat), Abu Dhabi National Energy Company (TAQA), Emirates Steel Company, Emirates Global Aluminium, Edge Group, Etihad Rail Company, Tawazun Economic Council (Tawazun), and the Sharjah Investment and Development Authority (Shurooq).
(Writing by Seban Scaria; editing by Daniel Luiz)
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