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Adnoc seals partnership deal with Mubadala, Enec

The Abu Dhabi National Oil Company (Adnoc) has signed two framework agreements with Mubadala Investment Company and Emirates Nuclear Energy Corporation (Enec) to partner on Adnoc’s In-Country Value (ICV) programme following the success of the programme which has driven more than AED44 billion ($12 billion) back into the UAE's economy and created over 1,500 private-sector jobs for Emiratis since its launched in 2018.

The partnership brings together three of the UAE’s leading companies to cooperate in further driving ICV for the country.

It expands the number of entities that Adnoc has partnered with to adopt its ICV programme following similar agreements with the Abu Dhabi Department for Economic Development, Abu Dhabi Ports, and Aldar Properties.

These framework agreements also reinforce the commitment of Adnoc, Mubadala, and ENEC to enabling the growth and diversification of the UAE’s economy.

Under the terms of the agreements, Adnoc, Mubadala, and Enec will explore potential opportunities for collaboration in creating additional skilled employment opportunities for Emiratis in the private sector and sourcing goods and services within the UAE.

In addition, the agreements will see Adnoc and both companies explore the potential for further localizing strategically critical parts of their value chain, which they have been driving in recent years and particularly as they respond to Covid-19.

The agreements were signed by Rashed Saud Al Shamsi, Director, Commercial Directorate at Adnoc; Homaid Al Shimmari, Deputy Group CEO, Chief Corporate & Human Capital Officer at Mubadala; and Ali Al Zaabi, Chief Operating Officer at ENEC.

Al Shamsi said: "These agreements build on the success of Adnoc's ICV programme which continues to create opportunities for the private sector, generate jobs for Emiratis, and catalyze socio-economic development in the country, in line with the wise directives of the leadership."

"The agreements will enable Adnoc and both companies collaborate to further drive the localisation of goods and services across our value chains and we look forward to swiftly progressing the agreements as they offer significant potential to maximize value for the UAE," he added.

Adnoc’s ICV Programme was launched in January 2018 to encourage private-sector partnerships and opportunities resulting from the company’s 2030 smart growth strategy, catalyze socio-economic development, improve knowledge-transfer and generate jobs for UAE nationals.

Al Zaabi said: "The signing of this agreement underlines the continued commitment of the Enec, through the UAE Peaceful Nuclear Energy Programme and its cornerstone Barakah Nuclear Energy Plant, to stimulating strategic sectors of the economy, supporting local companies and providing valuable jobs."

"This is important both to the sustainability of the UAE Programme and to the country’s efforts to diversify towards a knowledge and innovation-based economy," he added.
  • #Adnoc
  • #seals
  • #Mubadala
  • #UAE
  • #Enec
  • #innovation
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