ADDED signs cooperation agreement with ADQ

Oct 1, 2020

News

  • Agreement to establish framework for enhancing the Abu Dhabi Local Content Program

The Abu Dhabi Department of Economic Development (ADDED) and ADQ have signed a cooperation agreement to support the Abu Dhabi Local Content (ADLC) Program. The parties will collaborate to establish common strategic objectives and a framework designed to identify mutual opportunities to support local products.

During the signing ceremony, H.E. Mohammed Ali Al Shorafa Al Hammadi, Chairman of ADDED, and H.E. Mohamed Hassan Alsuwaidi, Chief Executive Officer (CEO) of ADQ, witnessed the signing of this agreement between H.E. Rashed Abdul Karim Al Balooshi, ADDED's Undersecretary, and Khalifa Sultan Al Suwaidi, Chief Investment Officer at ADQ.

ADDED's ADLC Program, which was launched earlier this year, aims to contribute towards increasing job opportunities for Emiratis, supporting the growth and diversification of Abu Dhabi's gross domestic product (GDP), enhancing supply chains locally, and helping companies obtain In-Country Value (ICV) certificates. As part of the Ghadan 21 government accelerator programme, the ADLC Program seeks to unlock growth opportunities for the private sector to take part in Abu Dhabi Government investments through increased productivity and value-add on locally-produced goods and services.

H.E. Mohammed Ali Al Shorafa highlighted the importance of the partnership between ADDED, the owner of the Abu Dhabi Local Content Program initiative,  and ADQ, one of the largest holding companies in the region focused on developing vital sectors of strategic importance to the UAE in general and Abu Dhabi in particular. H.E. Al Shorafa commended the close cooperation that will be established between ADDED and ADQ, which reflects their aligned efforts to empower the private sector and strengthen the role of small and medium-size enterprises (SMEs) in helping to achieve Abu Dhabi's sustainable economic development.

H.E. Al Shorafa reiterated that ADDED continues to fulfil its key role in driving sustainable economic development in the emirate by organising activities for the business sector, as well as issuing various types of commercial licences to enable investors and businessmen to conduct business activities in the emirate.

H.E. Mohamed Hassan Alsuwaidi, CEO of ADQ, praised the cooperation agreement with ADDED regarding the Abu Dhabi Local Content Program, highlighting that ADQ is keen to work with the Department in its efforts to promote the growth of diversified GDP as well as enhance private companies' contribution to the emirate's local economy.

H.E. Alsuwaidi reaffirmed ADQ’s commitment to driving value creation for the benefit of Abu Dhabi through its diverse portfolio of the emirate's leading entities. ADQ is also delivering initiatives to help nurture Abu Dhabi's startup ecosystem and SMEs.

H.E. Al Balooshi cited that during the second quarter of this year, the ADDED's ADLC Program has resulted in 23 government and semi-government entities acquiring ADLC certificates in their purchases, reaching a total of 1,438 certificates with a combined value of AED 25 billion. He added that that there were 78 tenders representing the number of government purchases awarded with an ADLC certificate by the end of Q2 2020, with a total value of AED 1.7 billion. Furthermore, government and semi-government entities are planning to open calls for more than 900 tenders which will require ICV certificates, with an estimated value of more than AED 19 billion.

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