ADNOC expands its local value added program with six additional certification companies

01-04-2019 Media in\ Abu Dhabi
Abu Dhabi National Oil Company (ADNOC) announced today that it has expanded its local value added program by appointing a group of 6 additional certification firms responsible for certifying and confirming the suppliers’ performance in the adoption of the Local Value Added Enhancement Program, bringing the total number of certification companies from 6 to 12 a company.
The announcement comes one year after ADNOC launched its local value added program, in which the company’s spending on local content contributed more than AED 18 billion to the UAE economy.
ADNOC is now expanding the program to meet the growing interest of local and international suppliers and contractors. The company continues to deliver on the plans and expectations of its purchases that were reviewed at the ADNOC Business Partner Forum, the group.
The adoption of 6 additional certification companies will contribute to enhancing competition between the private sector and reducing supplier adoption costs, as well as enhancing overall speed and efficiency in the adoption process of the Local Value Added Enhancement Program. This will ultimately accelerate the rate at which ADNOC will provide, , A greater value to the UAE, contributing to the diversification of GDP and expanding employment opportunities for citizens.
“The launch of the ADNOC Local Value Added Program (ADNOC) has been an important step in supporting the UAE’s progress and development, and we are pleased with the positive and constructive feedback we received from our partners and suppliers last year,” said Rashed Saud Al Shamsi, Head of Business and Business Support at ADNOC. Increasing domestic value added in the coming years. ”
“We are proud to have 12 local and international leading certification companies, all of which are highly experienced in their fields, and are committed to serving our community of suppliers as they contribute to the development of the value added program to support the growth and prosperity of the UAE economy.”
More than 2000 suppliers have received the Local Value Added Value (LAC) certification and the methodology of local value added certification companies takes into consideration a range of factors, including locally manufactured goods, the amount spent on local goods and services, local investments and their Emiratisation record, In the local economy of the state.
The evaluation also takes into account the operational costs and cost of consumption of the resource, as well as any exports executed.
ADNOC’s Local Value Added Program, launched in January 2018, aims to strengthen collaboration with local private sector companies and provide them with more opportunities through ADNOC’s 2030 integrated strategy for smart growth, thereby promoting economic and social growth, knowledge sharing, and creating opportunities. Work for citizens in the private sector.
This program also reflects ADNOC’s commitment to supporting local private sector companies and activating their role as part of efforts to diversify the economy and boost GDP growth.