A cooperation agreement between “Abu Dhabi Economy” and “Holding” – the...

A cooperation agreement between “Abu Dhabi Economy” and “Holding” – the...
A cooperation agreement between “Abu Dhabi Economy” and “Holding” – the...

The Department of Economic Development in Abu Dhabi and the Holding Company signed a cooperation agreement aimed at supporting the Abu Dhabi Local Content Program, whereby the two parties collaborate on setting common strategic goals and designing a framework for identifying common opportunities to support local products.

The signing ceremony was witnessed by Mohammed Ali Al-Shurafa, Head of the Department, in the presence of Mohammed Al-Suwaidi, CEO of the Holding Company (ADQ).

The Abu Dhabi Local Content Program, launched by the Abu Dhabi Department of Economic Development at the beginning of this year, aims to increase employment opportunities for citizens, diversify and support the growth of Abu Dhabi’s GDP, strengthen supply chains at the local level, and help companies obtain local value-added certificates.

Mohammed Ali Al-Shurafa stressed the importance of the partnership between the department as the initiator of the Abu Dhabi Local Content Program and “Holding”, one of the largest holding companies in the region, with the aim of developing and supporting economic sectors of strategic importance to the UAE in general and Abu Dhabi in particular. His Excellency praised the level of close cooperation between the Department and the “Holding” (ADQ), which reflects the coordination of efforts between the two sides in empowering the private sector and enhancing the role of small and medium companies, in a way that supports the sustainable economic development process for Abu Dhabi. He added that the department continues its responsibilities and tasks aimed at achieving sustainable economic development, and regulating the business sector and economic affairs in the Emirate of Abu Dhabi, in addition to being the local authority responsible for issuing economic licenses of all kinds to all dealers.


Rashid Al Balushi stated that the performance indicators of the Abu Dhabi Local Content Program until the second quarter of the year indicate the registration of 23 governmental and semi-governmental entities that required the ICV certificate in their purchases, as the total number of certificates reached 1,438, with a total value of 25 billion dirhams. He said that there are 78 tenders that represent the number of government purchases that have been awarded with a certificate of local value added until the end of the second quarter, with a total value of 1.7 billion dirhams, while government and semi-government agencies intend to launch more than 900 bids requiring a certificate of local value of more than 19 billion dirhams.

Promote growth

Mohammed Al Suwaidi, CEO of the Holding Company, expressed his aspiration to work with the department to enhance the growth of diversified domestic product and support the contribution of small and medium companies to the economy of the Emirate of Abu Dhabi. He stressed the keenness of «Holding» to stimulate efforts to achieve value for the Emirate of Abu Dhabi, through its business portfolio.

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