ADNOC highlights investment, partnership opportunities for private sector at its 5th Business Partnership Forum

ADNOC highlights investment, partnership opportunities for private sector at its 5th Business Partnership Forum

ABU DHABI, 18th November, 2021 (WAM) -- The Abu Dhabi National Oil Company (ADNOC) highlighted attractive investment and partnership opportunities across its value chain for the United Arab Emirates (UAE) private sector at its 5th Business Partnership Forum which was held at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

During the forum, ADNOC invited the private sector to take advantage of commercial opportunities as the company responsibly expands its upstream and downstream operations to help meet growing global energy demand. Attendees at the forum also received details of investment opportunities in TA’ZIZ – ADNOC’s joint venture with Abu Dhabi Development Holding Company (ADQ) – in the planned Ruwais Derivatives Park. TA’ZIZ is helping to accelerate the development of Abu Dhabi’s petrochemicals and derivatives industry and drive the UAE’s industrial growth.

ADNOC thanked the private sector for integrating its hugely successful In-Country Value program and reinforced its commitment to stimulating local economic growth and diversfication and enabling private-sector jobs for UAE Nationals through the program which is directly supporting the UAE’s ‘Principles of the 50’ blueprint for economic growth.

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: "ADNOC’s flagship In-Country Value program has proven to be a very successful catalyst for the growth of the private sector and our local industrial base and we continue to expand the program to support domestic manufacturing, enhance our industrial base and create more skilled private-sector job opportunities for UAE Nationals, in line with the Leadership’s wise directives. We encourage the private sector to partner with us, further embed ICV and capitalize on a wide range of commercial opportunities as we work to remain one of the lowest-cost producers and lowest carbon emitters in the oil and gas industry."

During the forum, a ministerial panel session on ICV expansion took place featuring Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and Rashed Abdulkarim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED). This was followed by a panel session on enabling local content with representatives from the Ministry of Human Resources and Emiratization (MOHRE), Human Resource Authority (HRA) and the Emirati Talent Competitiveness Council (NAFIS).

Al Suwaidi said: "The Ministry of Industry and Advanced Technology is focusing on stimulating the industrial sector and enhancing its competitiveness in line with the Principles of the 50, and we are expanding the scope of the ICV Program at the federal level to support these objectives and enhance local content and services. The implementation of the program at the federal level will drive demand for services and products made in the UAE and contribute to the growth and development of the national economy."

Ghannam Al Mazrouei, Secretary-General of the Emirati Talent Competitiveness Council, stated: "Facilitating opportunities for dialogue between the public and private sector, such as this panel hosted by ADNOC is critical. We must collaborate and knowledge-share in order to lay the foundations for a successful ecosystem that facilitates the enhanced participation of Emiratis in private sector roles. Employing Emirati nationals is a critical element that will help companies develop their talent pools, prepare for growth, and also enhance their in-country value contributions. At NAFIS, we are committed to offering Emiratis with different kind of financial support through several programs, training, and development opportunities, in addition to collaborating with the private sector in order to empower Emirati talents to play an effective roles in the private sectors."

Al Balooshi said: "We are pleased to continue to support ADNOC’s ICV program as it will boost the economic growth in the country. Our experience with Abu Dhabi local content program (ADLC), launched in 2018 to support the private sector, is a testamenet of the vital role played by ICV in this regard. The contribution of local content in government procurement saw a remarkable increase from 28% in 2019 to 47% in 2020; and tenders awarded under the program amounted to AED 4.6 billion in 2020. ADDED’s intiatives to increase the local content’s contributions are aligned with ‘Projects of the 50’ and we are working closely with all stakeholders to ensure effective deivery of ICV program to achieve its objectives."

Amal Al-Jabri, Acting Director General, Human Resources Authority (HRA), praised the supportive role of Emiratisation by ADNOC and its companies through supporting employment and training for national talent in line with the strategic initiatives of HRA that aims at supporting UAE national Job Seekers, with an end-to-end journey, including job seekers registration, assessment, counselling, upskilling and placement. HRA has worked with different partners from the private sector to develop employability programs, which supported these companies in accessing the In-Country Value Program benefits. The program plays a key role in accelerating Emiratisation in the private sector to support the Abu Dhabi government’s agenda, and contribute to achieving the strategic objectives of the Authority and the Ministry of Human Resources and Emiratisation alike. These initiatives create job opportunities for job seekers and contributing to Abu Dhabi human capital strategy suscces.

She added, "We are proud of this renowned partnership, where government and semi-government entities taking a more collaborative approach with the private sector, to create a support mechanism that is empowering UAE national talent in building their career path that suits their capabilities and skills in various fields and sectors."

ADNOC’s ICV program was launche in 2018 and is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth, and creating job opportunities for UAE Nationals.