Latest news with #InCountryValue
Zawya
5 days ago
- Business
- Zawya
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. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
22-05-2025
- Business
- Zawya
ADNOC's Suppliers commit to invest AED3bln in manufacturing facilities across UAE
Enabled by ADNOC's In-Country Value program, the world-class facilities will manufacture a wide range of industrial products and deliver vital engineering services Facilities include newly operational sites, major expansions, and investment commitments 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 Abu Dhabi, UAE: ADNOC announced today 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. 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. About ADNOC ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC's objective is to maximize the value of the Emirate's vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates' economic growth and diversification.
Gulf Business
22-05-2025
- Business
- Gulf Business
ADNOC inks Dhs6bn manufacturing deals to boost UAE industrial capacity
Image: ADNOC The Abu Dhabi National Oil Company ( The long-term agreements cover the manufacturing of cables and pressure vessels in the UAE, potentially creating up to 1,300 skilled private-sector jobs. ADNOC said the deals will help ensure availability of key equipment across its value chain, reduce delivery times, and mitigate global supply chain risks. The agreements were signed at the 'Make it in the Emirates' forum currently taking place in Abu Dhabi, in the presence of UAE Minister of Industry and Advanced Technology and ADNOC MD and group CEO, Dr Sultan Ahmed Al Jaber. 'These framework agreements to manufacture pressure vessels and cables in the UAE highlight ADNOC's success in strengthening the resilience of our supply chain, expanding the UAE's manufacturing base, and creating jobs in the private sector through our In-Country Value programme,' said Yaser Saeed Almazrouei, ADNOC executive director, People, Commercial and Corporate Support. The deals are expected to drive investment across industrial zones in Abu Dhabi, Dubai and the Northern Emirates, while deepening the impact of ADNOC's In-Country Value (ICV) programme, which aims to boost local manufacturing, enhance business continuity, and build a more resilient industrial base. Read: Image: Supplied ADNOC signs agreements with UAE-based companies The 12 companies selected under the framework agreements are located in key industrial zones, including the Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), and industrial areas in Sharjah and Umm Al Quwain. Nine companies will manufacture 10 types of pressure vessels: ADOS Engineering Industries, Arabian Industries, Berg Industries, Euro Mechanical & Electrical Contracting Company, METALFAB Middle East, Micoda Process Systems International Company, NASH Engineering, Polar Specialized Industries, and United Metal Works Factory Abu Dhabi. Three companies — Dubai Cable Co, Mark Cables, and National Cable Industry — will produce four types of cables. ADNOC said it plans to procure Dhs90bn ($24.5bn) worth of locally manufactured products by 2030. Since 2018, the company's ICV programme has driven Dhs242bn ($65.9bn) back into the UAE economy and enabled the employment of 17,000 Emiratis in the private sector. As part of its ICV initiative, ADNOC aims to drive Dhs200bn ($54.5bn) into the UAE economy over the next five years.
The National
21-05-2025
- Business
- The National
Adnoc signs $1.64bn deals with 12 companies to manufacture key industrial equipment in the UAE
Abu Dhabi industry major Adnoc has signed framework agreements worth Dh6 billion ($1.64 billion) for the domestic manufacturing of critical industrial equipment, in a bid to shield the UAE from global supply chain risks. The long-term deals, forged with 12 UAE-based companies, will be for the manufacturing of cables and pressure vessels – used for safely storing fluids and gases – Adnoc said at the Make it in the Emirates summit in Abu Dhabi on Wednesday. The companies involved are based in the UAE's principal industrial zones, including Industrial City of Abu Dhabi, Khalifa Economic Zones Abu Dhabi, Dubai Industrial Park, Jebel Ali Free Zone, and industrial areas in Sharjah and Umm Al Quwain. The agreements are expected to create 1,300 skilled private-sector jobs, the company said. The signings were witnessed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc. The agreements highlight Adnoc's 'success in strengthening the resilience of our supply chain, expanding the UAE's manufacturing base and creating jobs in the private sector through our In-Country Value programme', Yaser Almazrouei, an executive director at Adnoc, said. The UAE's In-Country Value (ICV) programme, a central plank of the country's Operation 300bn industrial strategy, redirects as much spending as possible towards UAE-made goods and services to boost the growth of domestic industries. 'We are providing greater visibility into the products we intend to purchase locally and we encourage businesses to capitalise on Adnoc's huge pipeline of local manufacturing opportunities,' Mr Almazrouei added. Adnoc has been at the forefront of boosting local manufacturing, leading with several initiatives and investments as part of the Emirates' overall economic growth strategy. On Tuesday, it signed a $500 million deal with Emirates Global Aluminium to supply a raw material for aluminium production as part of efforts to localise the supply chain in the UAE. Adnoc has awarded contracts worth Dh65.7 billion in the first half of the year, benefiting nearly 400 local suppliers, contractors and service providers, state news agency Wam reported on Sunday. The contracts are in critical sectors such as drilling, logistics, operational support services, and engineering, procurement and construction. Over the next five years, Adnoc plans to channel an additional Dh200 billion into the UAE economy through ICV. It plans to purchase Dh90 billion worth of locally manufactured products in its procurement pipeline by 2030. The company's ICV programme has driven Dh242 billion back into the UAE economy and enabled 17,000 Emiratis to be employed in the private sector since 2018. Meanwhile, local spending under the ICV programme has reached Dh347 billion, Dr Al Jaber said on Monday, adding that the initiative has created more than 22,000 jobs for Emiratis. The companies that will be manufacturing pressure vessels under the new agreements are Ados Engineering Industries, Arabian Industries, Berg Industries, Euro Mechanical and Electrical Contracting Company, Metalfab Middle East, Micoda Process Systems International, Nash Engineering, Polar Specialised Industries and United Metal Works. The cable manufacturers are Dubai Cable, Mark Cables and National Cable Industry.
Zawya
21-05-2025
- Business
- Zawya
ADNOC signs $1.63bln framework agreements to manufacture critical industrial equipment in UAE
ADNOC announced today that it has signed framework agreements valued at AED6 billion ($1.64 billion) with 12 UAE-based companies for manufacturing of critical industrial equipment in the UAE, supporting the 'Make it in the Emirates' initiative. The long-term agreements are for the manufacturing of cables and pressure vessels. They will potentially create up to 1,300 skilled private-sector jobs, ensure availability of these equipment across ADNOC's value chain, reduce delivery times and mitigate global supply chain risks. The framework agreements will accelerate investment across industrial zones in Abu Dhabi, Dubai and the Northern Emirates, deepening the impact of ADNOC's In-Country Value (ICV) programme in boosting UAE manufacturing capacity, building a more resilient industrial base and enhancing business continuity. The signing of the agreements was witnessed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO at the 'Make it in the Emirates' forum currently taking place in Abu Dhabi. Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial and Corporate Support, said, 'These frameworks agreements to manufacture pressure vessels and cables in the UAE highlight ADNOC's success in strengthening the resilience of our supply chain, expanding the UAE's manufacturing base and creating jobs in the private sector through our In-Country Value program. We are providing greater visibility into the products we intend to purchase locally and we encourage businesses to capitalise on ADNOC's huge pipeline of local manufacturing opportunities through the Make it with ADNOC app to enhance business continuity and create long-term sustainable value.' The companies within the framework agreements are located across key industrial zones, including Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), and industrial areas in Sharjah and Umm Al Quwain. This highlights ADNOC's commitment to enabling balanced industrial growth across the UAE and ensuring that the benefits of localisation are shared nationwide. The manufacturers include nine companies for 10 types of pressure vessels, and three companies for four types of cables. The pressure vessel manufacturers are: ADOS Engineering Industries, Arabian Industries LLC, Berg Industries LLC, Euro Mechanical & Electrical Contracting Company LLC, METALFAB Middle East FZ L.L.C, Micoda Process Systems International Company, NASH Engineering FZCO, Polar Specialized Industries (PSI), and United Metal Works Est. Factory Abu Dhabi. The cable manufacturers are: Dubai Cable Co. (PVT) Ltd, Mark Cables and National Cable Industry. ADNOC plans to purchase AED90 billion ($24.5 billion) worth of locally manufactured products in its procurement pipeline by 2030. The company's ICV programme has driven AED242 billion ($65.9 billion) back into the UAE economy and enabled 17,000 Emiratis to be employed in the private sector since 2018. As part of ADNOC's ICV programme, the company aims to drive AED200 billion ($54.5 billion) into the UAE economy over the next five years.
