Etihad Rail, EDGE Group and the Sharjah Investment and Development Authority (Shurooq) are three of the latest companies to enhance their role in the UAE’s ambitious fourth industrial revolution.
The companies have signed an agreement with the Ministry of Industry and Advanced Technology (MoIAT) as part of the National In-Country Value (ICV) Program.
The essence of this program is to boost the contribution of local industries to the national GDP while enhancing the country’s socio-economic development.
Additionally, the dependency on foreign procurement reduces significantly, as was made apparent in a comment from Shadi Malak, CEO of Etihad Rail, who said: “We look forward to implementing the National ICV Program... which will support the national economy and reduce our dependency on imported priority materials.”
The signing ceremony was attended by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Sarah bint Youssef Al Amiri, Minister of State for Advanced Technology.
Omar Suwaina Al Suwaidi, MoIAT Undersecretary, Faisal Al Bannai, CEO and Managing Director of EDGE Group, Marwan bin Jassim Al Serkal, Executive Chairman of Shurooq, and Shadi Malak, signed the agreements.
By implementing the National ICV program on all purchases and contracts, the three entities will also adopt the standards approved by MoIAT.
In a press release sent to the ARN News Centre, the Ministry detailed the steps taken to implement the programme:
“The Ministry will provide training programs, certify personnel, and facilitate coordination across the industrial sector. The program’s national committee, which includes MoIAT alongside a group of federal and local agencies and national companies, will evaluate and establish the requirements for implementing and supporting the program.
“The Ministry will also facilitate expediting operational procedures in the industrial sector and encourage coordination, to enable the optimum collaboration between sector entities.”
Earlier in September, Etisalat, Emirates Steel and TAQA signed the ICV agreement.
Local suppliers wishing to participate in the National In-Country Value Program must obtain a certificate based on a range of criteria.
These include domestic expenditure on manufacturing products and services, the volume of capital investments in the country, expenditure
on employee salaries and expenses, advanced technology adoption, and export volumes.
The Ministry of Industry and Advanced Technology has identified 21 independent auditing companies that will issue the certificate based on their evaluation of these areas.
The benefits include development funding provided by the Emirates Development Bank and priority access when contracts and purchases are awarded.
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