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ICV CERTIFICATION
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In-Country Value Program (ICV) ADNOC launched the In-Country Value Program (ICV) in 2018
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.In order to promote economic growth and diversification in the UAE, the initiative strives to get the most out of the nation's oil and gas resources.
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By implementing a unified In-Country Value (ICV) Program
Important factors for ICV certification
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The last audited IFRS financial statements of the entities are taken into account while calculating ICV, and they should not be more than two years old from the certification year.
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If newly established businesses do not have audited financial statements and are less than 10 months old, the management accounts for a period of up to 10 months may be used.
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ICV certificates must be valid for 14 months after the date that the audited financial statements were released.
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ICV ratings are calculated using a predefined approach that analyzes the economic value added for the company’s products or services domestically.
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For the purposes of calculating ICV, the following factors are taken into account:
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What are the ICV’s goals?
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Emiratization: Increase the number of jobs available to Emiratis in the private sector
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GDP Diversification: More goods and services are obtained from the UAE in an effort to support GDP diversification.
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Considering the big picture: localizing a few key value chain nodes for particular company categories.
What makes ICV Certification necessary?
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ICV score is a crucial factor in the evaluation of the participating companies’ bids, and it will provide suppliers and vendors who are involved in the award process extra weight.
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Companies that are not directly involved with the bids will nevertheless gain from the initiative because ICV certified supplier “spend” that stays domestically or benefits the domestic economy is taken into account when calculating ICV.
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