National ICV Programme Redirects AED 48 Billion To UAE Economy In H1 2024

The Ministry of Industry and Advanced Technology (MoIAT) has expanded the National ICV Programme, redirecting over AED48 billion to the UAE economy in H1 2024. This initiative supports national industrial and service companies' growth and competitiveness. The Programme now includes 31 federal and local government entities and several major national companies.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, highlighted the Programme's role in diversifying the national economy. He stated, "The National ICV Programme represents a critical pillar in empowering the country’s industrial sector." The Programme aims to enhance industrial competitiveness, create job opportunities for nationals, and support the 'We the UAE 2031' vision and UAE Centennial 2071.

Investments from companies with Programme certificates reached nearly AED205 billion by mid-2024, a 20 percent increase from last year. This demonstrates the Programme's positive impact on attracting investments to the UAE's industrial sector. Dr. Al Jaber noted that national spending on local purchases grew annually, reaching AED67 billion in 2023, a 26 percent increase from 2022.

The social impact of the National ICV Programme is significant. The number of Emiratis employed by certified companies reached about 19,000 in H1 2024, a 40 percent increase from H1 2023. This marks an addition of 13,000 new jobs since the ministry's establishment in 2020. These efforts provide promising opportunities for small and medium-sized enterprises (SMEs) and Emirati entrepreneurs.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, emphasised the industrial sector's role in economic diversification. He said, "The significant growth of the National ICV Programme confirms the effectiveness of efforts aimed at developing specialised talent." The Abu Dhabi Local ICV Programme supports local manufacturing and economic diversification by reinjecting billions into the local economy.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, praised the achievements of the National Content Programme. He stated that strategic partnerships between public and private sectors are crucial for its success. "Utilising the Government Procurement Platform," he said, "the Ministry of Finance spares no effort to promote national projects." These initiatives aim to achieve self-sufficiency in essential industries and attract more investments to the UAE.

Omar Al Suwaidi, Under-Secretary of MoIAT and Chairman of the National ICV Programme Committee, confirmed that supportive policies are being developed to increase spending on national projects. He mentioned that H1 2024 saw a 66 percent rise in national spending among entities implementing the National ICV Programme compared to last year.

Yaser Al Mazrouei from ADNOC highlighted their ongoing support for the National ICV Programme since 2018. He said ADNOC aims to drive AED178 billion back into the UAE economy by 2028. "Through our ICV programme," he added, "we are reinvesting in the UAE’s economy." ADNOC plans to allocate AED90 billion for locally manufactured products by 2030.

The expansion of MoIAT's National ICV Programme underscores its importance in boosting both economic growth and social development within the UAE. By fostering strategic partnerships and increasing investments, it continues to strengthen local industries while creating numerous job opportunities for Emiratis.

With inputs from WAM