Abu Dhabi National Oil Company said on Tuesday it is expanding its in-country value programme, which will see Dh160 billion ($43.5bn) flowing back into the local economy over the next five years.
The UAE's Supreme Petroleum Council last month approved the oil giant's plans to spend Dh448bn over the next five years, of which more than a third will be directed into the UAE's economy.
“ICV is a powerful mechanism for ensuring more economic value remains in the UAE from the contracts we award," Dr Sultan Al Jaber, Adnoc's group chief executive, said.
"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," added Dr Al Jaber, who also serves as the UAE's minister of industry and advanced technology.
National oil companies in the region, such as Saudi Aramco, have made in-country value generation a key driver to stimulate private sector growth and boost local job creation. Saudi Aramco, through its 'In-Kingdom Total Value Add' initiative, is aiming to meet at least 70 per cent of its procurement spending from Saudi Arabian companies by 2021.
Adnoc started its in-country value programme last year, spending Dh18bn to ensure that local suppliers and companies are engaged across its value chain to boost the domestic economy.
Adnoc is further expanding the programme, spending Dh5bn this year on more than 400 local micro, small and medium-sized enterprises, Dr Al Jaber said.
So far, the in-country value programme has driven more than Dh76bn back into the UAE economy and created over 2,000 job opportunities in the private sector for Emiratis, Adnoc said.
The ICV programme has qualified over 4,200 suppliers through more than 20 certifying bodies.
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
Points Classification after Stage 1
1. Geraint Thomas (Britain / Team Sky) 20
2. Stefan Kueng (Switzerland / BMC Racing) 17
3. Vasil Kiryienka (Belarus / Team Sky) 15
4. Tony Martin (Germany / Katusha) 13
5. Matteo Trentin (Italy / Quick-Step) 11
6. Chris Froome (Britain / Team Sky) 10
7. Jos van Emden (Netherlands / LottoNL) 9
8. Michal Kwiatkowski (Poland / Team Sky) 8
9. Marcel Kittel (Germany / Quick-Step) 7
10. Edvald Boasson Hagen (Norway / Dimension Data) 6
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
