Emirates Global Aluminum (EGA), the largest industrial company in the UAE outside of oil and gas, has joined the in-country value (ICV) program of the Ministry of Industry & Advanced Technology (MoIAT).
EGA’s aluminum is the biggest made-in-the-UAE export after oil and gas and is shipped to over 50 countries generating around AED 20 billion of economic activity in UAE every year besides creating more than 60,000 jobs in Emirates.
Abdulnasser bin Kalban, Chief Executive Officer of EGA, signed an MoU regarding the implementation of the In-Country Value Program as the aluminum company moves towards its goal of doubling its economic impact by 2040, media reports said.
The idea behind the ICV certification program is to improve participation of the private sector, facilitate the diversification of GDP and localize critical parts of the supply chain. Essentially, it means that the supplier’s spending that remains within the UAE or contributes to the UAE is calculated and considered as In-Country Value.
The ICV program is in line with the national strategy for industry and advanced technology “Operation 300bn”, which aims to position the UAE as a regional and international industrial hub.