Qatar Energy launched the updated version of the local value program for the “Tawteen” initiative, which will achieve greater compatibility with the objectives of the State of Qatar in promoting sustainable development of the local economy.
The updated version of the In-Country Value Program is the result of strategic cooperation and unified efforts between various key stakeholders, in particular the Ministry of Finance and the Ministry of Trade and Industry, in addition to suppliers, energy sector leaders, and sector experts.
This version builds on the foundations laid by the Local Value Programme, which was announced in 2019, where major developments were introduced that contribute to increasing the program’s comprehensiveness, flexibility, and benefit for all participants.
One of the most important developments in the program is the reformulation of the local value calculation formula to reflect a broader scope of companies’ contributions, as well as the inclusion of an additional reward points program for contributions in the desired areas for all companies, which ensures accurate calculation of the extent of the impact that each company contributes to the Qatari economy.
The updated version introduces an enhanced local value (ICV+) policy for local manufacturing companies, which was specifically designed to provide targeted support to these companies. The introduction of this policy confirms the program’s focus on developing the emerging capabilities of the manufacturing sector in the State of Qatar, and enabling local factories to meet demand in the industrial sector. And contribute to the development of the national economy.
A value system supporting small companies and micro-enterprises has also been introduced, which will provide them with a unified record of local value to support their competitive capabilities in the market. In addition, the procedures for in-country value certification have been simplified to reduce the administrative and financial burdens on small and micro companies if they wish to work in the energy sector directly.
Thus, these development measures highlight Qatar Energy’s commitment to supporting the comprehensive local supply chain, through which all investment businesses of all sizes flourish.
In addition to the above, the updated version of the Local Value Program includes the possibility of increasing the number of local value certification bodies wishing to join this program, provided that they meet the specified criteria. This will contribute to increasing the efficiency of procedures and providing multiple options for companies applying to obtain the Local Value Certificate.
It is worth noting that the local value program has achieved great progress over the past few years, as the percentage of local contribution to the energy sector increased from 14% to 28.5%, and about 7,000 jobs were created.
The “Tawteen” team will soon provide detailed information about the developmental aspects of the local value program and the mechanism for opening applications for local value certifying bodies through introductory sessions, in addition to the electronic platform for the local value program.