The Abu Dhabi National Oil Company (ADNOC) will increase its In Country Value (ICV) spending on local goods and services to more than $4.9 billion in 2018, PipeLine Oil & Gas Magazine reported.

The amount spent within the country is expected to rise further in the coming years as newly-awarded contracts approach implementation.

The company’s new ICV program was launched in January 2018 to encourage private sector partnership and opportunities due to the company’s 2030 smart growth strategy.

“With ICV now included as part of all tender evaluations and award processes, the amount of ICV created will continue to increase, and I am confident that ADNOC, our partners and our suppliers will further generate economic growth and development, helping prepare the emirate, and the UAE, for a more prosperous future,” Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC CEO, said.