Empowering Emirati Talent: National ICV Program Launches Industrialist Program and Career Fair in 2023
Mokshita P.
10x Industry

Empowering Emirati Talent: National ICV Program Launches Industrialist Program and Career Fair in 2023

The Ministry of Industry and Advanced Technology in the UAE has achieved significant milestones with the National In-Country Value Program, contributing to industrial development, local and foreign investments, and economic growth. The program, part of the Projects of the 50, has seen increased spending on local products, reaching AED 67 billion in 2023. Investments by ICV-certified companies exceeded AED 200 billion.

The Ministry of Industry and Advanced Technology has unveiled the achievements and expansion plans for the National In-Country Value (ICV) Program. The program, launched as part of the Projects of the 50 initiative, has played an important role in advancing the UAE’s industrial development, attracting investments, and supporting economic growth.

Milestones and Achievements:

Since its launch, the ICV Program has achieved substantial milestones, contributing to the competitiveness and sustainability of the UAE industrial sector. Noteworthy accomplishments include the establishment of partnerships, redirection of government procurement to local businesses, and encouragement of Emirati entrepreneurs in the industrial sector.

Under the program, there has been a significant increase in spending on local products and services, reaching AED 67 billion in 2023—a remarkable 26 percent increase from the previous year. Investments by ICV-certified companies exceeded AED 200 billion in 2023, reflecting the program's impact on the national economy.

Empowerment and Investment Attractiveness:

His Excellency Omar Al Suwaidi, Undersecretary of MoIAT, highlighted the ministry's commitment to achieving national development goals through initiatives like the National ICV Program. The program has resulted in 15,768 Emiratis employed in ICV-certified companies, marking an 80 percent increase from 2022, aligning with the ministry's policies for upskilling Emirati talent.

Agreements and collaborations, such as those between ADNOC and major companies for local manufacturing, have played a crucial role in attracting new industries to the UAE, with investments exceeding AED 30 billion. Al Suwaidi emphasised the importance of integrated agreements providing incentives and enablers for the industrial sector's success.

Rapid Expansion and Economic Diversification:

The National ICV Program has witnessed rapid expansion, with the number of entities increasing from five in 2020 to 28 in 2023. The program expanded its scope to cover five emirates and added new sectors, including clean energy, healthcare, defence industries, aviation, telecommunications, and more. The number of ICV-certified companies rose to 6,100 in 2023—a 36 percent increase from the previous year.

Industrialist Program and Technology Incentives:

Under the ICV, MoIAT launched the Industrialist Program in collaboration with the Ministry of Human Resources and Emiratisation and the Emirati Talent Competitiveness Council. The initiative focuses on upskilling Emirati talent and enhancing localisation in the industrial sector. The ministry also introduced technology incentives, providing a bonus for companies assessed under the Industrial Technology Transformation Index.

Support for SMEs and Green ICV:

A new pricing scheme for ICV-certified SMEs was introduced in collaboration with the Ministry of Economy, aiming to support smaller companies in accessing government procurement. Additionally, the ministry launched a training program for Emiratis in ICV certifying bodies, enhancing their technical and digital skills.

In a move towards sustainability, the ministry announced the adoption of Green ICV as a new standard within the National ICV Program. This initiative incentivises companies to implement sustainability practices and reduce emissions, offering additional points in the National ICV formula.

Outlook for 2024:

As the National ICV Program integrates with other key initiatives like Make it in the Emirates and the Technology Transformation Program, it is to continue leading the growth and competitiveness of national companies, enhancing supply chain resilience, and contributing to the national economy and job creation over the next decade. The program remains a cornerstone in realising the UAE’s vision for industrial and technological advancement.