Dubai: Leading global audit, tax and advisory services firm KPMG is one of six firms selected by ADNOC to assist them in driving its In-Country Value (ICV) strategy in the UAE, which aims to stimulate partnerships and opportunities within the UAE’s private sector.
In line with ADNOC’s 2030 growth strategy, the program seeks to catalyze socio-economic development, improve knowledge-transfer and create additional employment for UAE nationals. The program will also support local businesses and their role in driving economic diversification and encourage GDP growth in the UAE.
To enable this vision, ADNOC have been hosting a series of workshops with suppliers to introduce them to the company’s ICV guidelines and policies, and explain how suppliers’ ICV contributions will be certified. KPMG is one of the selected firms that will assist ADNOC in this task by verifying the ICV performance of suppliers.
The criteria will assess suppliers’ ICV contribution, including goods and services sourced locally, employment and development opportunities for Emiratis, in-country spend of subcontractors, supplier’s investment in the UAE, and expat contribution.
Rashed Saud Al Shamsi, Director, Business and Commercial Support Directorate, ADNOC said, “We are pleased to be working with KPMG, who will support the delivery of our ICV strategy in the UAE, as we seek to strengthen our partnerships with the local private sector and drive even more opportunities for local businesses. ADNOC is committed to engage with the local private sector, in line with the directives of the country’s leadership.”
Nizar Jichi, Partner, Head of Oil & Gas for KPMG Lower Gulf said: “We are delighted to be working together with ADNOC to implement a program that will encourage local and international partnerships and opportunities and create more job opportunities for UAE nationals.”
“As we enter a new era of economic diversification in the region, it has become imperative for the industry to invest in developing sustainable sources of energy and create more profitable streams of business. KPMG is committed to this vision and looks forward to ensuring that suppliers meet the criteria outlined by ADNOC to enable local businesses to benefit and grow.”
About KPMG International
KPMG is a global network of professional services firms providing audit, tax, and advisory services. KPMG operates in 154 countries and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© Press Release 2018