Latest news with #ICV
Arabian Post
2 days ago
- Business
- Arabian Post
PureHealth Commits AED 2.25 Billion to Bolster UAE's Healthcare Supply Chains
Arabian Post Staff -Dubai PureHealth, the Middle East's largest healthcare group, has announced that its total investment in locally sourced goods and services has reached AED 2.25 billion, reinforcing its commitment to the UAE's National In-Country Value Programme. This milestone was highlighted during the 2025 edition of the 'Make it in the Emirates' initiative, underscoring the group's dedication to enhancing the nation's industrial and healthcare sectors. In 2024 alone, PureHealth channelled AED 1 billion into the national economy, marking a 38% increase compared to the previous year. This significant uptick aligns with the UAE's strategic objectives to localise supply chains, promote national enterprises, and accelerate economic diversification. ADVERTISEMENT Since joining the Ministry of Industry and Advanced Technology's ICV Programme in 2022, PureHealth has set an ambitious target to allocate AED 13 billion towards local procurement by 2032. The group's efforts are in tandem with the UAE's broader industrial strategy, which aims to elevate the industrial sector's GDP contribution to AED 300 billion by 2031. Shaista Asif, Group Chief Executive Officer of PureHealth, emphasised the long-term vision behind this investment, stating, 'By advancing our In-Country Value goals, we are localising critical supply chains, supporting homegrown innovation, and enabling the development of advanced healthcare manufacturing capabilities. This is not just about meeting today's needs, but building a sustainable, self-sufficient healthcare system that serves UAE communities for generations to come while supporting the nation's economic and industrial ambitions.' The group's commitment is evident in the strong ICV performance across its subsidiaries. Abu Dhabi Health Services Company holds the highest ICV score in the UAE healthcare sector at 81.13%, while Daman, the leading health insurer, ranks second in the UAE insurance sector with a score of 71.86%. Additionally, PureLab and The Medical Office have secured their ICV certifications, and Sheikh Shakhbout Medical City is expected to receive its certification later this year, moving the group closer to full compliance. Leya Al Damani, Chief Sustainability Officer at PureHealth, highlighted the synergy between sustainability and localisation, noting, 'Through partnerships with UAE-based suppliers that share our environmental and quality standards, we are creating long-term value that benefits both our healthcare system and the national economy. The National In-Country Value Programme gives us a powerful framework to scale this impact measurably and responsibly, while also fostering a supportive environment for the growth of small and medium-sized enterprises across the country.'
Observer
3 days ago
- Business
- Observer
The role of credit data in enhancing ICV in Oman
The Sultanate of Oman is undergoing a significant economic transformation, driven by its Vision 2040 strategy that emphasizes diversification, innovation, and sustainability. Central to this transformation is the concept of In-Country Value (ICV), a framework designed to maximize the retention of economic benefits within the national economy. ICV aims to stimulate local business development, enhance employment opportunities for Omanis, and build resilient supply chains across sectors. In parallel with these strategic goals, Oman has recognized the importance of robust digital and financial infrastructure. One key initiative in this domain is the establishment of Mala'a Credit Bureau. As the national credit registry, Mala'a plays a crucial role in strengthening the financial ecosystem by enhancing transparency, reducing lending risks, and promoting financial inclusion. This article explores the vital synergy between Mala'a Credit Bureau and the ICV strategy. It highlights how credit data intelligence, when effectively leveraged, can catalyze economic development, support local enterprises, and empower Omani citizens to participate actively in the nation's economic future. Mala'a Credit Bureau was established under the supervision of the Central Bank of Oman to provide a centralized platform for credit information sharing. Its core mandate is to collect, manage, and disseminate credit data from banks, financing companies, telecom providers, utilities, and other entities that offer credit services. Key functions of Mala'a include: Generating credit reports for individuals and companies, Offering credit scoring services, Providing credit monitoring and alerts, andEnabling data-driven decision-making for lenders Mala'a improves market efficiency by minimizing information asymmetry between borrowers and lenders. It promotes responsible borrowing and lending, which is critical for a stable and inclusive financial system. Importantly, it facilitates access to finance for previously underserved segments, including SMEs and startups. SYNERGIES BETWEEN MALA'A AND ICV GOALS The alignment between Mala'a Credit Bureau and ICV strategy is multifaceted. Both aim to empower local enterprises, increase economic resilience, and ensure long-term sustainability. Major areas of synergy include: • Data-driven supplier development: Mala'a provides credit histories and risk assessments that help identify financially sound local suppliers. This supports procurement teams in selecting reliable Omani vendors. • SME credit facilitation: SMEs often face challenges in securing financing due to lack of credit history. Mala'a enables the creation of digital financial footprints, allowing SMEs to access funding and participate in ICV-linked tenders. • Enhanced transparency: Credit data increases market discipline and builds trust among stakeholders, from investors to consumers. This is essential for the credibility and sustainability of ICV programs. Small and medium enterprises are the backbone of Oman's economic diversification efforts. However, limited access to finance remains a critical barrier. Mala'a addresses this by: Providing reliable credit data that lenders can use to assess SME risk profiles, Enabling SMEs to monitor and improve their credit standing, and Facilitating the creation of sector-specific financial products. Moreover, Mala'a's data infrastructure supports fintech innovation, enabling platforms that offer microloans, invoice financing, and peer-to-peer lending. These tools are particularly beneficial for entrepreneurs participating in ICV programs, allowing them to scale operations and meet procurement requirements. FACILITATING HUMAN CAPITAL DEVELOPMENT Human capital is a core component of ICV. Mala'a contributes indirectly to its development by: • Enabling educational and professional development loans based on individual credit profiles • Providing insights into population-level financial behaviors, helping policymakers identify gaps in financial literacy and inclusion • Supporting job creation in credit-related services such as fintech, risk analysis, and customer support By integrating credit data into national education and employment strategies, Oman can ensure a more financially capable and skilled workforce. IMPROVING FINANCIAL HEALTH Financial sustainability is essential for long-term ICV success. Mala'a helps local businesses achieve this by: Offering tools to monitor credit obligations and manage debt, Encouraging timely repayments and responsible financial behavior, and Supporting businesses in planning for expansion through credit analytics. This not only benefits individual companies but also strengthens entire value chains, reducing the risk of defaults and disruptions. INTEGRATING MALA'A WITH OTHER NATIONAL ICV PLATFORMS The effectiveness of Mala'a can be amplified through integration with other government platforms: • Procurement portals: Linking credit data with e-tendering platforms helps assess vendor reliability. • Tax and business registries: Streamlining data sharing supports due diligence and compliance monitoring. • Labour and training systems: Insights from Mala'a can inform targeted skills development initiatives. Advanced analytics, including artificial intelligence, can enhance predictive modeling for supplier performance, fraud detection, and credit risk. CHALLENGES AND OPPORTUNITIES Despite its benefits, the implementation of Mala'a and its integration with ICV is not without challenges: Data privacy (Ensuring data protection and compliance with privacy regulations is critical); Adoption rates (Encouraging SMEs and institutions to actively use Mala'a services requires ongoing awareness and incentives); and Data quality: The accuracy and completeness of data submissions must be maintained to ensure reliable outcomes. On the other hand, opportunities abound: • Regional expansion: Mala'a can serve as a model for credit bureaus across the Gulf Cooperation Council (GCC). • Investment attraction: A strong credit infrastructure increases investor confidence and enhances Oman's competitiveness. • Public-private collaboration: Partnerships with fintechs, banks, and training institutes can unlock new value streams. Mala'a Credit Bureau is a strategic enabler of Oman's ICV objectives. By improving access to credit, supporting SMEs, enhancing transparency, and facilitating data-driven policy making, Mala'a contributes to a more inclusive and sustainable economy. Key recommendations include: Promoting SME engagement through awareness and capacity building; Strengthening inter-agency data sharing protocols; Integrating Mala'a insights into national ICV reporting and evaluation frameworks; and Investing in cybersecurity and data governance As Oman continues its journey toward economic diversification and digital transformation, the alignment between credit infrastructure and local value creation will play a defining role in shaping the nation's prosperity.
Gulf Today
4 days ago
- Automotive
- Gulf Today
EGA signs deal to increase its solar aluminium supply to Hyundai Mobis
Emirates Global Aluminium (EGA) today announced an agreement to increase its CelestiAL solar aluminium supply to Hyundai Mobis, the global automotive parts maker. The agreement is an extension of an existing supply agreement with Hyundai Mobis. EGA began supplying aluminium to Hyundai Mobis in 2015. Under the new agreement, the volume of CelestiAL supplied to Hyundai Mobis will increase from eight thousand this year to up to 15 thousand tonnes per year by 2026. EGA and Mobis will explore a long-term agreement beyond 2026 to supply value-added products, including billets, primary foundry alloys and recycled aluminium. EGA and Hyundai Mobis will also collaborate to innovate exclusive new alloys for automotive applications. Aluminium is a key metal for the automotive industry due to its lightweight, strength, and corrosion resistance properties. EGA is one of the largest suppliers of foundry alloys to the automotive industry worldwide. Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said, 'At EGA, we remain committed to innovation in delivering the highest quality, low-carbon aluminium to our customers. We value our successful partnership with Hyundai Mobis and look forward to building on this collaboration in the years ahead. We appreciate their continued trust in EGA and our world-first CelestiAL solar aluminium.' Sun Woo Lee, Senior Vice President, Head of Procurement of Hyundai Mobis, said, 'With a partnership with EGA, we will proactively respond to global environmental regulations by establishing a green supply chain using low carbon aluminium.' In 2024, production of CelestiAL solar aluminium grew by 27 per cent to 80 thousand tonnes, including eight thousand tonnes of CelestiAL-R further sweetened with recycled content. EGA is certified to the global standard established by the automotive industry which aims to ensure even more rigorous quality management in the global automotive supply chain. Earlier last week Adnoc and Emirates Global Aluminium (EGA) announced a five-year supply agreement for up to 1.5 million tonnes of calcined petroleum coke (petcoke), a key raw material used in aluminium production. The agreement, valued at $500 million (Dhs1.84 billion), was signed during the 'Make it in the Emirates' event currently taking place in Abu Dhabi, underscoring Adnoc's commitment to supporting the UAE's industrial growth and enhancing local supply chains. Through the agreement, Adnoc Refining will supply at least 30 per cent of EGA's calcined petcoke requirements from the Ruwais Refinery over the next five years, strengthening the UAE's role as a global aluminium supplier by reducing its reliance on imports and fostering local industrial capabilities. The agreement with EGA - the largest industrial company in the UAE outside the energy sector - supports Adnoc's successful In-Country Value (ICV) Programme by promoting economic diversification in the UAE and supplying critical manufacturing materials to advanced industries. The signing of the agreement was witnessed by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, and Abdulla Kalban, Managing Director of EGA. It was signed by Khaled Salmeen, Adnoc Downstream CEO, and Abdulnasser Bin Kalban, CEO of EGA. Salmeen said, 'This strategic agreement with EGA exemplifies Adnoc's commitment to driving the 'Make it in the Emirates' initiative and the UAE's industrial base. By supplying this critical raw material for aluminium production from our Ruwais Refinery, we are strengthening domestic supply chains, reducing reliance on imports and enabling growth in one of the nation's most vital industrial sectors. 'Through our ICV Programme, we will continue to create more opportunities to enhance local manufacturing and industrial growth.' As the world's largest 'premium aluminum' producer, EGA continues to lead the UAE's industrial diversification, with its products comprising the UAE's largest made-in-the-UAE export after energy. The agreement between Adnoc and EGA will play a critical role in driving continued economic growth and ensuring the further development of the aluminium sector in the UAE. Bin Kalban stated, 'EGA has been a pioneer of industrialisation and economic diversification for decades, and today we are a champion of 'Make it in the Emirates' through our local procurement, metal supply to UAE industry and our record Emiratisation. This agreement with Adnoc enables us to secure a significant proportion of a key raw material locally, further increasing our economic impact in the UAE.' The 1.5 million tonnes of calcined petcoke will enable EGA to produce around 3.75 million mt of aluminium over the five-year term of the agreement - approximately equal to the annual consumption of Germany. In 2024, EGA's direct, indirect and induced economic contributions to the local economy reached $6.4 billion (Dhs23.49 billion), accounting for 1.3 per cent of the UAE's GDP and supporting more than 52,000 jobs.
Fibre2Fashion
6 days ago
- Business
- Fibre2Fashion
ADNOC & partners to invest $817 mn in UAE manufacturing sites
ADNOC announced that its partners across its supply chain commit to invest AED3 billion ($817 million) in manufacturing facilities across the UAE. The announcement was made at the 'Make it in the Emirates' forum currently underway in Abu Dhabi. ADNOC and its partners will invest AED3 billion (~$817 million) in UAE manufacturing facilities, creating 3,500+ skilled jobs. Backed by ADNOC's ICV program, the projects support the 'Make it in the Emirates' initiative and include sites across major industrial zones. The move aligns with ADNOC's plan to locally produce AED90 billion (~$24.52 billion) in goods by 2030. The facilities are located across Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone) and Umm Al Quwain. They will create more than 3,500 highly skilled private sector jobs and manufacture a wide range of industrial products including pressure vessels, pipe coatings and fasteners. The facilities have been enabled by commercial agreements ADNOC signed with the companies under its In-Country Value (ICV) program. The ICV program is providing a platform for businesses to capitalize on ADNOC's diverse commercial opportunities as it delivers on its plan to locally manufacture AED90 billion ($24.5 billion) worth of products in its procurement pipeline by 2030. Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial and Corporate Support, said: 'We welcome our partners' commitment to advancing local manufacturing through their investments in these state-of-the-art facilities which will strengthen the UAE's industrial base and create highly skilled private sector jobs. These investments reflect ADNOC's ongoing drive to support the 'Make it in the Emirates' initiative and localize strategic industrial capabilities through our In-Country Value program. We look forward to working with our partners to ensure business continuity and unlock further opportunities for sustainable growth and economic diversification.' The facilities include newly operational sites, major expansions and investment commitments. The state-of-the art facilities are aligned with ADNOC's current and future procurement requirements, underscoring its support for the 'Make it in the Emirates' initiative. The announcement builds on the success of ADNOC's ICV program, which has driven AED242 billion back into the UAE economy and enabled 17,000 jobs for UAE Nationals in the private sector since 2018. Manufacturers, small and medium-sized enterprises (SMEs) and entrepreneurs are encouraged to explore the 'Make it with ADNOC' app, which provides businesses with visibility into the products ADNOC plans to purchase, offering a more streamlined and integrated procurement process. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Observer
27-05-2025
- Business
- Observer
Oman launches national company to regulate mineral exports and boost revenues
MUSCAT: In a significant move to optimise the economic potential of its mineral wealth, the Ministry of Energy and Minerals has announced the establishment of Oman Minerals Trading Company as the central authority to oversee the marketing and export of mineral resources from the Sultanate of Oman. The initiative is formalised through Ministerial Resolution No 18/2025, issued by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals. The resolution marks a key step in reforming the mineral management system and aligns with Oman Vision 2040's goal of sustainable, diversified economic growth. It aims to address existing structural challenges in the mineral sector — such as fragmented marketing, price instability and the dominance of intermediaries — by centralising export control under a national entity. KEY PROVISIONS FOR TRANSPARENCY AND MARKET STABILITY Under the new regulation, gypsum and chrome ore exports will be strictly monitored. Export of raw chrome ore will require a minimum concentration of 36%, while processed ore can be exported at any concentration upon Ministry approval. Local market needs will be prioritised before exports are approved, a policy that supports domestic manufacturing and ensures stability in local supply chains. The regulation also seeks to standardise contracts, enhance negotiation leverage with international buyers and improve pricing transparency for Omani ores — factors that have historically impacted competitiveness despite strong production levels. In 2024 alone, Oman produced about 14 million tons of gypsum across 15 licensed sites and 300,000 tonnes of chrome ore from 29 licensees. However, revenue gains have been diluted by inconsistent marketing and a lack of pricing discipline. STRATEGIC ROLE OF OMAN MINERALS TRADING COMPANY As a subsidiary of Minerals Development Oman, the new trading firm will manage exports, unify contract terms, enforce quality specifications and negotiate international sales. This professionalised approach is expected to lift the average price of Omani minerals and boost national income. Dr Salah bin Hafiz al Dhahab, Director General of Investments at the Ministry, described the move as a 'pivotal milestone,' adding that it enables the government to streamline the export process, reduce price manipulation and better monitor sectoral returns. The decision is also designed to: a. Improve the efficiency of logistics and export operations. b. Increase transparency and curb rent-seeking behaviour. c. Support SMEs involved in supply chains. d. Create more jobs and promote local content through in-country value (ICV) initiatives. The resolution falls under the Ministry's broader 'Majd' initiative, which aims to evaluate and enhance local content across the energy and minerals sectors. Companies will be required to submit ICV plans and support domestic manufacturing activities that add value to raw mineral exports. ONE-YEAR TRANSITION PERIOD To ensure a smooth shift, a one-year transitional period has been granted. During this time, companies can conclude existing contracts and adapt to the new system. The Ministry also plans to conduct orientation and training workshops to support stakeholders and build internal capacity. Dr Al Dhahab emphasised that the transformation reflects the Ministry's broader institutional reform following the merger of energy and minerals portfolios. 'With clearer policies, enhanced geological databases and improved investor privileges, we are creating a transparent and regulated business environment that meets the goals of Oman Vision 2040,' he noted. By streamlining mineral exports and empowering a centralised entity, Oman aims to attract more reliable investments, strengthen national industries and secure better returns from its abundant mineral resources.
