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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
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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.

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Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Riyadh is set to host the third edition of the Saudi Tourism Forum from January 7 to 9 at Roshn Front.

Organized in partnership with the Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund, the event will run under the theme "To Discover."

This year’s forum serves as a dynamic platform to highlight new and unique tourist destinations across the Kingdom, offering visitors innovative experiences while showcasing Saudi Arabia’s diverse tourism potential. With over 100 exhibitors, the forum provides an expansive space to explore the latest developments in the tourism sector, spotlight major investment projects, and foster skill development and partnerships to drive tourism growth.

Chief Executive Officer of 4M Event and Chairman of the Forum’s Organizing Committee Eng. Hamza Nasser emphasized the forum’s role in advancing collaboration within the tourism sector. "Through the forum, we aim to promote the beauty of Saudi tourist destinations, enhance cooperation among stakeholders, and raise awareness about investment and development opportunities. This aligns with the goals of the Kingdom’s Vision 2030,” he said.
Since its inception, the Saudi Tourism Forum has significantly advanced efforts to promote the Kingdom's rich cultural heritage and distinctive tourist sites. Supported by prominent partners and sponsors, the event underscores a shared commitment to developing this vital sector.
The program will feature a variety of seminars and workshops, offering insights into the latest trends and developments in tourism. Attendees will have the opportunity to engage with keynote speakers, decision-makers, and industry professionals, enhancing their skills and knowledge.
The forum is expected to attract a diverse audience, including business leaders, investors, officials, and dignitaries, creating fertile ground for collaboration and partnerships.