Driving growth and prosperity In the UAE, we focus on driving growth and economic diversification. We are deploying two core programs to support the development of a diverse, sustainable and globally competitive national energy and manufacturing sector, while making our local supply chain more resilient: the In-Country Value (ICV) and Make it in the Emirates programs. ADNOCs ICV program, launched in 2018, aims to enhance the resilience of our local value chain by maximizing the use of local goods and services, encouraging local manufacturing and creating job opportunities for UAE nationals in the private sector. Since 2018, we have driven $51 billion (AED187 billion) back into the UAEs economy and enabled jobs for 11,500 UAE nationals in the private sector. In 2023, we drove $11.2 billion (AED41 billion) back into the nations economy and enabled 6,500 UAE nationals to be employed in the private sector. We aim to provide an additional 5,000 private sector jobs for UAE nationals by 2027 and to drive $48.5 billion (AED178 billion) back into the UAEs economy by 2028. We aim to maintain an ICV score of more than 50% 1 . To monitor progress, we encourage and incentivize our suppliers to obtain an ICV certificate which includes details of the quantity of goods manufactured in the UAE, their Emiratization rate, their investments in the UAE and their expat contributions. The ICV program has helped secure commitments to invest in the UAE economy through high-value tenders. These include large construction projects with engineering, procurement and construction (EPC) contractors, building the local workforce and supply chain, and commitments from international businesses to set up UAE-based manufacturing facilities. 2021 2022 2023 Value returned to the UAE economy since 2018 ($ billion) (cumulative) 29.1 39.8 51.0 Number of jobs created for UAE nationals in the private sector since 2018 (cumulative) 3,000 5,000 11,500 Value returned to the UAE economy and jobs created for UAE nationals 1 The ICV certificate score denotes a measure of value-added contribution made by a company towards the UAE economy through local manufacturing, procurement of goods and services from local market, investment in the UAE and its growth, Emiratization in the workforce, expatriate contribution and revenue generation from outside the UAE through exports. 66
Sustainability Report 2023: Energy for Life Page 67 Page 69