The ICV program will benefit manufacturers and suppliers in the UAE by redirecting billions of dirhams worth of procurement money from participating government, public and private institutions to the local market.
The nation’s leadership has launched the federal program as a key enabler to support the growth of the UAE’s industrial sector. It also aims to positively impact the overall economy while boosting business for local suppliers by increasing their opportunities for establishing international partnerships, and attracting more foreign investment.
Through the ICV program, the Ministry of Industry and Advanced Technology (MoIAT) aims to help improve the UAE industrial sector’s performance and ensure its sustainability by enabling it to adopt advanced technology and Fourth Industrial Revolution (4IR) solutions. This will improve production capacity and product quality and meet the needs of the program’s suppliers based on the local market’s requirements and the supply and demand ecosystem in priority sectors.
The ICV program encourages industrial institutions, manufacturers, suppliers, small and medium enterprises (SMEs), and entrepreneurs, to develop new priority sectors in the UAE. This approach aims to meet local demand in various fields and help MoIAT to achieve its objective of promoting vital industries. These industries include the food and medical sector as well as future industries, such as aerospace, software, artificial intelligence (AI), and renewable energy, among others.
The ICV program also encourages foreign companies to invest directly in the UAE, granting them the opportunity to benefit from the program or enter valuable and mutually beneficial partnerships with local UAE suppliers participating in the program. It also provides a highly conducive environment for SME growth. SMEs will benefit from the redirection of purchases worth billions of dirhams into the local market.
The program’s participants will have an unparalleled opportunity to be linked with buyers and their foreign business partners. MoIAT – for the first time in the MENA region – will provide a national database that allows participating suppliers and entrepreneurs to learn about supply and demand indices within the UAE industrial sector. This will help to redirect procurement spending to the UAE market.
By joining the ICV program, manufacturers, suppliers, large businesses, SMEs, entrepreneurs, and their foreign partners will have an opportunity to gain certain advantages, including:
The ICV program will support the Make it in the Emirates campaign. The program provides manufacturers with incentives to establish their businesses in the UAE and capitalize on the procurement strategies of government entities and partners within the program. The program will enable global companies and international manufacturers to make long-term plans to develop their business and thrive in the UAE.
The ICV program is a certificate issued to suppliers in which their contributions to the local economy are evaluated. Members have an advantage in the government tendering process. The program has been very successful since it was implemented at a local level in 2018. Since then, the program has redirected AED88 billion to the local economy, provided more than 2,000 jobs and attracted some 5,000 suppliers.