In-Country Value (ICV)
In-Country Value (ICV) Redefined
In-Country Value (ICV) stands as a transformative initiative initiated by ADNOC, designed to catalyze economic growth and bolster local industries. The primary objective is to redirect a substantial portion of public spending into the national economy, creating a symbiotic relationship where both companies and the country reap significant benefits.
Unlocking Opportunities
Achieving a higher ICV is not just a benchmark; it is a gateway to unlocking unparalleled opportunities. Companies with elevated ICV standings gain access to governmental tenders, presenting a distinct advantage in securing contracts. In the competitive landscape, the government is inclined to select companies with superior ICV scores, fostering a mutually beneficial ecosystem.
Elevate Your ICV Rating
Understanding the importance of a robust ICV rating, we go beyond certification and offer comprehensive consultancy services. Our experts collaborate with your team to devise strategies that not only meet but exceed ICV expectations. Elevate your ICV rating with tailored solutions designed for sustained growth and success.
The In-Country-Value Program (ICV), introduced by ADNOC in 2018, aims to maximize the utilization of the UAE’s oil and gas resources to foster economic growth and diversification. Recently, the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company, Abu Dhabi Ports Company PJSC, Aldar Properties PJSC, Emirates Nuclear Energy Corporation, and Mubadala Investment Company (Participating entities) have joined forces to implement an integrated In-Country Value (ICV) Program, Revision 3.0. Obtain your ICV Certificate Abudhabi to enhance your business opportunities and comply with local regulations, ensuring your company is recognized for its contribution to the local economy.
Primary Objectives of ICV
The main objectives of the ICV initiative are:
Promoting Emiratization by creating more job opportunities for Emiratis in the private sector.
Supporting GDP diversification by sourcing more goods and services locally.
Localizing critical segments of the value chain for specific categories of businesses.
Importance of ICV Certification
ICV scores play a crucial role in evaluating bids from participating entities, providing suppliers and vendors with added advantage during the award process. Indirectly connected entities also benefit from the ICV certification program, as expenditures by ICV-certified suppliers that contribute to the UAE economy are factored into ICV calculations.
Key Considerations for ICV Certification
ICV certification is based on the most recent audited IFRS financial statements of the entities, which must not be older than two years from the certification year. Newly established companies (less than 10 months old) without audited financial statements can use management accounts covering up to 10 months for ICV calculations. The ICV certificate remains valid for 14 months from the issuance date of audited financial statements.
ICV Scores are determined using a predefined methodology that evaluates the economic value added within the UAE for the goods or services provided. Various factors are considered in the calculation of ICV Scores, ensuring comprehensive assessment of local economic contributions.
