The Canadian Business Council (CBC) Abu Dhabi organized a joint webinar in collaboration with Abu Dhabi Investment Office (ADIO) and Abu Dhabi National Oil Company (ADNOC), with the participation of the Swiss Business Council and several other business councils. The webinar took place on Monday, 18 May 2020 and covered ADIO’s mandate to support business growth in Abu Dhabi, and ADNOC’s In-Country Value (ICV) 3.0 certification process. Mr. Dhia Hussain, Board Director of CBC Abu Dhabi and moderator of the webinar, opened by welcoming and thanking the participants and speakers for attending.
The first phase of the webinar featured a presentation by H.E. Dr. Tariq Bin Hendi, Director General of ADIO. His Excellency complimented the Abu Dhabi government’s unwavering support of the private sector and confirmed that ADIO is keen on taking part in such initiatives. His Excellency discussed how Abu Dhabi has proven its position as a business growth hub and has become a gateway to the world’s fastest growing economies, and expressed ADIO’s various programs that promote, attract and facilitate investment opportunities in the capital. With its commitment to innovation-led growth through the private sector, ADIO has implemented a holistic approach to business backing through their investor care services that provide investors with end-to-end support during the business set-up phase. ADIO also offers a range of cash and non-cash incentives to support businesses growth. Concluding H.E. Bin Hendi’s presentation, participants were given the opportunity to ask questions.
The second phase was a presentation by Mona Ahmed Balalaa, In-Country Value Operations Manager of ADNOC and Hamad Saif Belmahaina, In-Country Value Development Manager of ADNOC. Ms. Balalaa reiterated the objectives of the ICV program on Emiratization, the diversification of the UAE’s GDP, and supply chain localization. The UAE has adopted a single ICV certification process across all participating entities, which include ADNOC, the Department of Economic Development, ALDAR and Abu Dhabi Ports. As the officials explained, companies can utilize this unified certification process, however, implementation is subject to each entity’s implementation program and method of using the certificate. This new ICV formula has resulted in reducing manufacturing costs and third party spend, increasing investments, and other bonuses. There are a number of key changes in consideration such as financial and credit factors, which were explained at length. The process of getting an ICV certificate remains the same, where suppliers can approach any of the twelve certifying bodies.
The webinar was concluded with live Q&A from the participants.
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About Abu Dhabi National Oil Company (ADNOC)
Abu Dhabi National Oil Company (ADNOC) is one of the world’s leading energy producers, and a primary catalyst for Abu Dhabi’s growth and diversification. ADNOC operate across the entire hydrocarbon value chain, through a network of fully-integrated businesses, with interests that range from exploration, production, storage, refining and distribution, to the development of a wide-range of petrochemical products. For over 46 years, ADNOC have played an integral role in Abu Dhabi’s economic development, managing, producing and preserving the Emirate’s hydrocarbon reserves on behalf of the Abu Dhabi Government. ADNOC are the principle catalyst of growth in the Emirate, and our work has had a positive and lasting impact on the quality of millions of lives. Since 1971, ADNOC have created thousands of jobs, driven the growth of a diverse knowledge-based economy, and played a key role in Abu Dhabi’s global emergence. Today, ADNOC continue to look for new and innovative ways to maximize the value of our resources, pioneering those approaches and technologies that will ensure ADNOC are able to meet the demands of an ever-changing energy market, and continue to have a positive impact on the Abu Dhabi economy for generations to come. www.adnoc.ae/en
About Abu Dhabi Investment Office (ADIO)
The Abu Dhabi Investment Office (ADIO) is the central government hub supporting investment in the Emirate of Abu Dhabi. We are committed to the growth and diversification of Abu Dhabi’s economy through the private sector. ADIO enables opportunities for domestic and foreign investors aligned with Abu Dhabi’s economic priorities. We support investors and businesses with innovation at the core to help ensure long-term, sustainable success in the market and across the region. At our core is our Investor Care services, supporting the establishment and ongoing growth of businesses in Abu Dhabi. We also offer a range of targeted programmes for private sector entities including competitive cash and non-cash incentives, SME enablement and Public-Private Partnerships. www.investinabudhabi.ae/en