UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) is planning to inject an additional AED 160 billion into the local economy during the upcoming five years, as part of its In-Country Value (ICV) programme.
This announcement was made by the UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, in his opening remarks at the ADNOC Private Sector and ICV Forum, according to the company's official Twitter account.
Al Jaber remarked that this amount will offer more opportunities for the private sector and drive economic growth in the post-coronavirus (COVID-19) period.
Since its launch in 2018, the ADNOC ICV programme has directed AED 76 billion into the UAE economy and created more than 2,000 job opportunities in the private sector.
The ADNOC Group CEO further remarked that in 2020, the group has supported more than 400 Emiratis-owned small and medium enterprises (SMEs) with contracts valued at AED 5 billion.
It is noteworthy to mention that in November, Abu Dhabi Supreme Petroleum Council (SPC) approved ADNOC’s capital expenditure (CAPEX) plan of AED 448 billion for 2021-2025 to enable growth.
