In Country Value Program (ICV)
The In-Country-Value Program (ICV) pioneered by ADNOC in 2018 is an initiative designed to achieve the optimum value from our nation’s oil and gas resources to stimulate the UAE’s 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) also have collaborated in this program by implementing a unified In-Country Value (ICV) Program, Rev. 3.0.
The primary objectives of ICV are:
- Emiratization: Generating more employment opportunities for Emiratis in the private sector
- GDP Diversification: More goods and services are sourced within the country, in a move to support diversification
- Strategic considerations: Critical parts of the value chain are localized for certain categories of businesses
Why ICV Certification
- ICV score is an integral part of bid evaluation of the participating entities and it will give added weightage for the suppliers and vendors in the award process.
- Entities who are indirectly connected with the tenders also benefit from the ICV certification program; as ICV certified supplier “spend” that remains within the UAE or contributes to the UAE economy, is considered for ICV calculation purpose.
Key considerations in ICV Certification
- ICV certification is based on the last audited IFRS financial statements of the entities and shall not be older than 2 years from the certification year.
- For newly established companies (less than 10 months old), who do not have audited financial statements, the management accounts for a period of up to 10 months can be considered for ICV calculations.
- The ICV certificate shall be valid for a period of 14 months from the date of issuance of audited financial statements.
- ICV Scores are calculated using pre-defined methodology by assessing the economic value added within the country for the goods or services provided by the entity. Following areas are taken into the consideration for calculation of ICV Score:
How we can help
HLB HAMT is empaneled as one of the certifying bodies to issue an ICV Certificate with the respective authorities. Along with issuing the certificate, we work with clients to understand their requirements, help them with ICV calculation and recommend the required improvements in the business as well as operational activities. We also make it a point to constantly update our clients on the latest information regarding ICV program and suggest policy changes, if required.
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