In-Country Value programme contributes bn to UAE economy in first half of 2024

The ICV program is set to revolutionize the way government spending impacts the national economy, with a goal to redirect half of all procurement and tender contract spending into domestic industries by 2031. This ambitious initiative is designed to boost the growth and development of local businesses, creating a more sustainable economic environment for the future.

Under the ICV program, 31 federal and local government bodies, as well as several national companies, are expected to participate in this groundbreaking effort. By involving a wide range of stakeholders, the program aims to have a far-reaching impact on the economy, supporting the growth of various sectors and industries across the country.

One of the key objectives of the ICV program is to reduce reliance on imports and bolster domestic production. By redirecting government spending into local industries, the program aims to create a more self-sufficient economy that can withstand external shocks and fluctuations. This will not only strengthen the resilience of the economy but also create more job opportunities and stimulate innovation and growth.

Furthermore, the ICV program is expected to enhance the competitiveness of local businesses by providing them with a steady and reliable source of revenue. By securing government contracts and procurements, domestic companies can expand their operations, invest in research and development, and improve their overall efficiency and productivity. This, in turn, will enable them to compete more effectively in the global market and contribute to the country’s economic prosperity.

The participation of federal and local government bodies in the ICV program is crucial to its success. These entities play a pivotal role in shaping government policies and regulations that can support and promote domestic industries. By aligning their procurement practices with the objectives of the ICV program, these bodies can help create a conducive environment for local businesses to thrive and grow.

In addition to government bodies, the involvement of national companies is also essential in driving the success of the ICV program. These companies are major players in the economy and have the capacity to significantly impact the growth and development of domestic industries. By committing to redirecting a portion of their procurement spending into local businesses, these companies can help create a more sustainable and prosperous economic landscape for the future.

Overall, the ICV program represents a significant step towards building a more resilient and self-sufficient economy. By redirecting government spending into domestic industries, the program aims to stimulate growth, create job opportunities, and enhance the competitiveness of local businesses. With the participation of key stakeholders such as government bodies and national companies, the program has the potential to drive sustainable economic development and prosperity for the country.

In conclusion, the ICV program is a bold and innovative initiative that has the potential to transform the economic landscape of the country. By redirecting government spending into domestic industries, the program aims to create a more self-sufficient and competitive economy that can withstand external challenges and thrive in the global market. With the active participation of government bodies and national companies, the program is set to make a significant impact on the growth and development of local businesses, paving the way for a more prosperous and sustainable future.