UAE's National ICV Programme Redirects AED48 Billion to Economy in H1 2024

The UAE’s National ICV Programme, a key initiative under the Ministry of Industry and Advanced Technology (MoIAT), has reached a significant milestone in the first half of 2024, redirecting over AED48 billion into the national economy.

This expansion of the Programme underscores the UAE’s commitment to diversifying its economy, enhancing industrial competitiveness, and fostering sustainable growth.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized that the Programme plays a crucial role in supporting the UAE’s industrial sector by enhancing local supply chains, creating job opportunities, and contributing to the UAE’s strategic goals, including the ‘We the UAE 2031’ vision and UAE Centennial 2071.

During H1 2024, the Programme saw a 20% increase in investments from certified companies, reaching nearly AED205 billion. National spending by companies on local purchases and services also witnessed significant growth, with AED67 billion spent in 2023, a 26% increase from 2022. The number of Emiratis employed by companies with ICV certification grew by 40% compared to the previous year, demonstrating the Programme’s social and economic impact.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, highlighted the Programme’s role in the Economic Diversification 2.0 strategy, which aims to accelerate growth and enhance the UAE’s global competitiveness.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, praised the Programme’s achievements in bolstering the UAE’s industrial sector and supporting economic resilience. He emphasized the importance of public-private partnerships in driving the success of the ICV Programme.

Looking ahead, the Programme is set to continue its momentum, with plans to increase spending on national projects, enhance local product value, and support export competitiveness. The Ministry of Industry and Advanced Technology will honor strategic partners and companies contributing significantly to the Programme’s goals at the end of the year.

ADNOC’s continued support since 2018 reflects the Programme’s impact on driving local and foreign industrial investment, supporting SMEs, and creating skilled job opportunities for UAE Nationals.

News Source: Emirates News Agency