The Abu Dhabi National Oil Company (ADNOC) signed two framework agreements with Mubadala Investment Company and Emirates Nuclear Energy Corporation (ENEC) to partner on ADNOC’s In-Country Value (ICV) program.
The partnership brings together the companies to cooperate in further driving ICV for the country. It expands the number of entities that ADNOC has partnered with to adopt its ICV program following similar agreements with the Abu Dhabi Department for Economic Development (ADDED), Abu Dhabi Ports, and Aldar Properties.
These framework agreements also reinforce the commitment of ADNOC, Mubadala, and ENEC to enabling the growth and diversification of the UAE’s economy.
Under the terms of the agreements, ADNOC, Mubadala, and ENEC will explore potential opportunities for collaboration in creating additional skilled employment opportunities for Emiratis in the private sector and sourcing goods and services within the UAE.
In addition, the agreements will see ADNOC and both companies explore the potential for further localizing strategically critical parts of their value chain, which they have been driving in recent years and particularly as they respond to COVID-19.
The agreements were signed by Rashed Saud Al Shamsi, Director, Commercial Directorate at ADNOC; Homaid Al Shimmari, Deputy Group CEO, Chief Corporate & Human Capital Officer at Mubadala; and Ali Al Zaabi, Chief Operating Officer at ENEC.
Al Shamsi said: “We are very pleased to be partnering with Mubadala and ENEC to standardize the In-Country Value certification process across both companies. These agreements build on the success of ADNOC’s ICV program which continues to create opportunities for the private sector, generate jobs for Emiratis, and catalyze socio-economic development in the country, in line with the wise directives of the leadership. The agreements will enable ADNOC and both companies collaborate to further drive the localization of goods and services across our value chains and we look forward to swiftly progressing the agreements as they offer significant potential to maximize value for the UAE.”
Commenting on behalf of ENEC, Ali Al Zaabi said: “The signing of this agreement underlines the continued commitment of the Emirates Nuclear Energy Corporation, through the UAE Peaceful Nuclear Energy Program and its cornerstone Barakah Nuclear Energy Plant, to stimulating strategic sectors of the economy, supporting local companies and providing valuable jobs. This is important both to the sustainability of the UAE Program and to the country’s efforts to diversify towards a knowledge and innovation-based economy.
“The UAE Peaceful Nuclear Energy Program adopts the highest quality and safety standards for management and technology, and ENEC is committed to supporting local companies in meeting the very demanding requirements of the national regulator, and wider international nuclear industry. To date, over 2,000 local companies have been awarded contracts with ENEC worth 17.5 billion AED and, following the recent connection of the first unit of the Barakah plant to the UAE grid, we look forward to further building in-country value over the coming six decades of operations ahead.”
Speaking on behalf of Mubadala, Haifa Al Maskari, Director of Business Services, said: “The In-Country Value Program has been shown to significantly contribute to the economic development of the UAE, while simultaneously creating jobs for Emiratis within the private sector. Partnering with ADNOC on this critical national initiative will ensure that we continue to create sustainable value for the local economy while supporting its diversification and growth.”
