Abu Dhabi, UAE: – As part of the Ministry’s efforts to expand the National In-Country Value (ICV) Program across the nation, Emirates Global Aluminum (EGA), the largest industrial company in the UAE outside oil and gas, today joined the Ministry of Industry & Advanced Technology’s (MoIAT) in-country value (ICV) program as the aluminium company moves towards its goal of doubling its economic impact by 2040.
In the presence of His Excellency Dr. Sultan Al Jaber, Minister of Industry & Advanced Technology and His Excellency Khaldoon Al Mubarak, Chairman of the Board of Emirates Global Aluminium, His Excellency Omar Suwaina Al Suwaidi, Undersecretary at the Ministry of Industry & Advanced Technology, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA, signed a memorandum of understanding (MoU) regarding the implementation of the In-Country Value Program.
The MOU with EGA comes after MOUs with Abu Dhabi DED, ADNOC, Etihad Rail, EDGE Group, Shurooq, Etisalat, Emirates Steel and TAQA.
His Excellency Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, indicated that “the National In-Country Value Program will enhance the capabilities of local suppliers holding a National In-Country Value Certificate through increased demand for local goods and services and the redirection of more than 42 percent of government and participating private-sector procurement by 2025. This will create new business opportunities, stimulate industrial growth, and incentivize Advanced Technology adoption.”
His Excellency stressed that “the signing of the memorandum of understanding represents a big boost to the program. By joining the program, EGA is making an important contribution to the UAE’s industrial strategy, and we look forward to more national champions following suit.”
EGA generates some AED 20 billion of economic activity in the UAE each year and supports more than 60,000 UAE jobs through its own business, local procurement, supply of metal to local customers, and the spending of wages earned in the aluminum sector in the local economy. EGA’s aluminum is the biggest made-in-the-UAE export after oil and gas and is shipped to over 50 countries.
Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “Together at EGA we innovate aluminium to make modern life possible. One important way we make modern life possible in the UAE and the Republic of Guinea is through our contribution to sustainable economic growth. Our goal now is to double that economic impact over the next two decades.
“One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us. We are looking forward to working with the Ministry on this important project.”
In 2020, EGA spent over AED 6 billion on goods and services procured locally, which was 45% of the company’s total procurement spend. In Guinea, 37% of procurement spend was with local Guinean companies, totaling over $92 million.
EGA prioritizes orders from local suppliers whenever they are competitive commercially, encourages international suppliers to establish facilities within the UAE and Guinea, and works with government and other stakeholders to enable the development of supply industries that do not yet exist in the countries.
The UAE’s industrial strategy is focused on establishing the UAE as a global hub for future industries and enhancing the competitiveness of the country’s industrial sector. The ICV program is just one initiative led by MoIAT to boost the industrial sector. The Ministry also runs Industry 4.0 and the ‘Make it in the Emirates’ campaign.
About the Ministry of Industry and Advanced Technology
The UAE’s Ministry of Industry and Advanced Technology (MoIAT), established in July 2020, is mandated with strengthening the UAE’s industrial sector, specifically by accelerating the adoption of advanced technologies and Fourth Industrial Revolution (4IR) solutions across the value chain.
MoIAT has three overarching goals: Strengthening the UAE’s industrial base, ensuring in country value, and raising the competitiveness of local industries. By enhancing the contribution of advanced technology, the Ministry will support the country’s sustainable economic growth, and ensure GDP contribution from the industry sector.
The Ministry will draft policies, laws and programs to create a world-class industrial development framework for the nation that will help attract foreign direct investment, boost In-Country Value creation, support national entrepreneurship, drive job creation, and boost exports of ‘Made in UAE’ products.
From encouraging the establishment of industrial complexes to raising local capacity in advanced technology, the Ministry will accelerate industrial development in a bid to drive economic growth, diversification, value retention and national self-reliance.
For more information, please contact MoIAT’s team at: Media@moiat.gov.ae
© Press Release 2021