In the first half of 2024, the National ICV Programme redirected over AED48 billion to the UAE's economy.

The National ICV Programme, under the Ministry of Industry and Advanced Technology (MoIAT), is one of the UAE’s Projects of the 50. In H1 2024, it expanded its scope, leading to an injection of over AED48 billion into the national economy. This emphasizes the importance of the support provided by the ministry to foster the growth, competitiveness, and prosperity of national industrial and service companies. The Programme's scope now encompasses 31 federal and local government entities and several major national companies in the country. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, highlighted the Programme's role in diversifying the national economy, enhancing competitiveness, and creating job opportunities for national talent in line with the leadership's directives. The Programme also contributes to the objectives of the ‘We the UAE 2031’ vision and the UAE Centennial 2071.

Dr. Al Jaber emphasized that bolstering national industries assists in localizing supply chains and achieving self-sufficiency in key industries. The Programme has attracted nearly AED205 billion in investments by mid-2024, marking a 20 percent increase compared to the previous year. This demonstrates the Programme’s impact on the UAE’s investment attractiveness and its ability to attract foreign and local industrial investments.

The Programme successfully redirected over AED48 billion to the national economy in H1 2024, surpassing the amount achieved throughout 2021 (AED41.4 billion). Furthermore, company spending on local purchases and services saw annual growth, reaching AED53 billion in 2022 and AED67 billion in 2023. This signifies encouraging opportunities for companies and suppliers and reflects the industrial sector's significance for investors.

Dr. Al Jaber also highlighted the social impact of the Programme, noting an increase in the number of Emiratis working in companies with the National ICV Programme certificate. In H1 2024, about 19,000 Emiratis were employed, representing a 40 percent increase compared to H1 2023 and a significant rise from 6,180 jobs in 2020. This not only creates job opportunities but also fosters promising investment prospects, particularly for small and medium-sized companies and Emirati entrepreneurs.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, highlighted the crucial role of the industrial sector in the Economic Diversification 2.0 strategy to promote growth and facilitate the transition to a smart, diversified, and sustainable economy. The substantial growth of the National ICV Programme demonstrates the effectiveness of efforts and initiatives aimed at developing specialized talent, enhancing local supply chains and value, advancing digital and technological transformation, and improving the global competitiveness of the industrial sector and the national economy.

Al Zaabi also emphasized the strategic partnership with the Ministry of Industry and Advanced Technology in achieving the UAE’s strategic objectives and sustainable development. In this regard, the Abu Dhabi Local ICV Programme supports Abu Dhabi’s industrial strategy, enhances the knowledge and innovation economy, develops skills and competencies, and creates job opportunities through awarding tenders to companies holding the local value certificate. These efforts inject billions of dirhams into the local economy to support locally manufactured products and strengthen initiatives for localization and economic diversification. Stimulating leading industrial companies to support sector growth and launching initiatives to attract direct local and foreign investments to establish businesses in Abu Dhabi are ongoing priorities.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, praised the significant achievements of the National Content Programme in bolstering the industrial sector and enhancing the competitiveness of the national economy. He emphasized the Ministry of Finance’s crucial role in fulfilling the programme's requirements within the federal procurement system, in alignment with the National Strategy for Industry and Advanced Technology, as well as the 'Make it in the Emirates’ initiative.

Additionally, he stated that the Ministry of Finance is dedicated to promoting the involvement of national industrial and service projects and companies in procurement processes across various government sectors. This aims to foster a fair competitive landscape while facilitating the growth and expansion of these entities. Such initiatives are seen as instrumental in achieving self-sufficiency in essential industries and products, localizing supply chains, bolstering economic resilience, and attracting more investments to the UAE’s industrial sector.

Al Khoori stressed that strategic public-private partnerships are key to ensuring the success of the National Content Programme. He also highlighted the ministry’s commitment, in cooperation with its partners, to developing further policies and programs that support expenditure on national projects, drive innovation, and enhance the added value of local products, in line with the UAE's strategic goals for economic diversification, as well as the 'We the UAE 2031' and the UAE Centennial 2071.Omar Al Suwaidi, Under-Secretary of MoIAT and Chairman of the National ICV Programme Committee, stated that more supportive policies and programs are being developed to increase spending on national projects, in line with the goals of Operation 300bn and the Make it in the Emirates initiative. This will have a positive impact on increasing the added industrial value and supporting the export competitiveness of products manufactured in the UAE. Al Suwaidi highlighted that there was a 66 percent increase in national spending among entities implementing the National ICV Programme in H1 2024 compared to the first half of the previous year. The ministry is also preparing to honor its strategic partners and major companies that are the biggest contributors to enhancing national content across the local supply chain by launching a National ICV Day at the end of the year. This event will celebrate companies most engaged with the Programme’s objectives, thereby boosting sustainable development efforts in the country.

Al Suwaidi also mentioned that the number of companies that obtained National ICV certificates reached 6,500 during H1 2024, which is a 30 percent increase over the same period last year. Furthermore, the number of national content certificates issued during H1 2024 exceeded 3,500 certificates, reflecting a 17 percent increase compared to 2023. This growth is attributed to the Program's expanded scope within the procurement policies of the strategic partners who are members of the National ICV Programme.

Yaser Al Mazrouei, Executive Director, People, Commercial and Corporate Support Directorate, ADNOC, expressed ADNOC's commitment to the National ICV Programme since 2018. He stated that ADNOC aims to reinvest AED178 billion (US$49 billion) back into the UAE economy by 2028, aligning with the goal to allocate AED90 billion ($25 billion) for locally manufactured products by 2030. Through their ICV programme, ADNOC aims to reinvest in the UAE’s economy, strengthen the resilience of the nation’s industrial base, drive local and foreign industrial investment, support local SMEs, and create highly skilled private sector job opportunities for UAE Nationals.