11/06/2019 | Press release | Distributed by Public on 11/06/2019 08:48
Abu Dhabi, UAE - November 6, 2019: The Abu Dhabi National Oil Company (ADNOC) announced, today, the completion of 12 business partnership majlises, held at the ADNOC HQ during the past two months. ADNOC's majlises were conducted to forge a deeper relationship between ADNOC and its private sector community, stimulating constructive supplier feedback around ADNOC's smart-procurement approach to partnership and the company's In-Country Value (ICV) Program.
The business partnership majlises were hosted by ADNOC's Business & Commercial Support Directorate and attended by more than 50 strategic suppliers from ADNOC's supplier network, including local and international companies. The discussions focused on expanding business opportunities, catalyziing the UAE's socio-economic development, improving the transfer of knowledge within the sector and creating additional skilled employment for UAE nationals.
Speaking at ADNOC's most recent majlis, ADNOC's Business & Commercial Support Director Rashed Saud Al Shamsi said: 'Over the course of the last three years, our Group Procurement function has implemented an innovative Group-wide transformation program to ensure we proactively respond to market dynamics, capture commercial opportunities and optimize our value chain as we deliver against our 2030 strategy. Large and small, local and global - our suppliers have been and always will be central to this effort. The in-depth and constructive dialogue at ADNOC's business partnership majlises helps to ensure we collectively nurture robust partnerships over the long term.
'ADNOC will continue to rely on the commitment and innovation of its supplier community to ensure we deliver against our 486-billion-dirham capital expenditure plan and continue to drive real and tangible In-Country Value for our nation - not only over the next five years, but for decades to come. The hiring of more than 1,000 UAE nationals into the private sector - in 2018 alone - is a firm demonstration of our collective commitment to driving In-Country Value.' he continued.
During the majlises, a key topic of choice among suppliers was ADNOC's ICV Program, in which more than 2,000 suppliers are certified. Attendees celebrated the success and achievements of the ICV Program, which serves as the primary enabler of ADNOC's - and suppliers' - contributions to the UAE's socio-economic growth and development. In the ICV Program's first year (2018), ADNOC enabled the private sector to hire more than 1,000 Emiratis and drive more than AED 18 billion back into the UAE economy.
New ICV facts, figures and updates will be dislosed at ADNOC's 4th annual Business Partnership Forum, held annually at ADIPEC.
ADNOC is one of the world's leading diversified energy and petrochemicals groups with a daily output of about 3 million barrels of oil and 10.5 billion cubic feet of natural gas. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE's growth and diversification.
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