عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ADNOC ICV Program to Drive $54.4 Billion into UAE Economy in 5 Years

The initiative will boost economic growth and diversification, reinforcing ADNOC's commitment to supporting UAE's long-term prosperity. WAM
The initiative will boost economic growth and diversification, reinforcing ADNOC's commitment to supporting UAE's long-term prosperity. WAM
TT
TT

ADNOC ICV Program to Drive $54.4 Billion into UAE Economy in 5 Years

The initiative will boost economic growth and diversification, reinforcing ADNOC's commitment to supporting UAE's long-term prosperity. WAM
The initiative will boost economic growth and diversification, reinforcing ADNOC's commitment to supporting UAE's long-term prosperity. WAM

ADNOC is set to drive AED200 billion ($54.4 Billion) into the UAE's economy over the next five years through its In-Country Value (ICV) program, Emirates News Agency (WAM) reported.

This strategic initiative will boost economic growth and diversification, reinforcing ADNOC's commitment to supporting the nation's long-term prosperity, it said.

This new target unlocks significant opportunities for local and international companies to engage with ADNOC's procurement pipeline, fostering investment in the UAE's manufacturing and industrial sectors while driving job creation for Emiratis.

In 2024, ADNOC's ICV program reinvested AED55 billion into the UAE economy and facilitated the creation of 5,500 private-sector jobs for UAE nationals in collaboration with the Emirati Talent Competitiveness Council (Nafis).

Since its launch in 2018, the program has delivered AED242 billion in economic value and enabled the employment of 17,000 Emiratis in the private sector, underscoring ADNOC's commitment to sustainable economic growth and national talent development, WAM said.

"In line with the UAE leadership's vision, ADNOC continues to serve as a key driver of the nation's economic diversification and growth through our highly successful In-Country Value program,” said ADNOC Executive Director of People, Commercial and Corporate Support Yaser Saeed Almazrouei.

"Building on this momentum, we are expanding private sector job opportunities for UAE nationals and offering compelling prospects for the private sector to contribute to the UAE's industrial expansion. We invite local and international companies to leverage our ICV program to create sustainable value and foster mutual success,” he added.

ADNOC's ICV program continues to strengthen the UAE's industrial sector, driving local manufacturing and economic diversification. Since 2022, ADNOC has signed agreements with UAE and international companies worth AED72 billion to locally manufacture critical industrial products, advancing its target of producing AED90 billion worth of products in the UAE by 2030. This initiative supports the UAE's 'Make it in the Emirates' campaign, supporting industrial growth and innovation.

Most Viewed

 
 
Business

Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.