Abu Dhabi National Oil Company (ADNOC) announced that it will boost in-country- value (ICV)  to support post- Covid economic growth in  the UAE through its ICV program, ADNOC said in a statement.

ADNOC will push about $160 billion into the UAE’s economy during the next five years by executing capital expenditure (CAPEX) which is approved recently by Abu Dhabi’s Supreme Petroleum Council (SPC).

Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of UAE and ADNOC’s CEO said the ICV target represents a substantial financial spillover impact that will create more opportunities for the private sector and support post-COVID economic growth.

“ICV is a powerful mechanism for ensuring more economic value remains in the UAE from the contracts we award. In short, we want to make sure that what we spend here, stays here, and helps stimulate the growth of the private sector and local economy”, Jaber, added.