During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the “PE” and together the “PEs”) namely, Abu Dhabi National Oil Company (“ADNOC”), Department of Economic Development, Abu Dhabi (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”) joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE and therefore the ICV program has been renamed as Unified In-Country Value (“ICV”) program, where the ICV score will be used by all PEs based on their own tender processing guidelines.
The objectives of this program are:
Emiratization: creating additional employment opportunities for Emiratis in the private sector;
GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and
Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.
PEs strongly encourage the suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in PEs’ tenders. However, suppliers with an ICV certificate will have an advantage during the tendering process (suppliers without the certification will be considered to have 0% ICV score).
All PEs have provided its suppliers a unified supplier submission template. This template should be updated by the suppliers with the data relating to the suppliers’ audited financial statements. Forthright will perform prescribed procedures as mandated by ICV Committee on the data in the submission template and issue a report of factual findings. This ICV certificate will have a validity of 14 months from the date of audited financial statements or two months from the date of signing of audit report of next financial year, whichever is earlier.
Forthright team, will hand hold you through the ICV certification process. At the end of the assignment, Forthright will inform you of the significant matters noted, to bring clarity to the process and help you streamline your accounting records and ensure efficient and accurate ICV certification.
The ICV program is a progressive initiative and supports the move towards growth, development and diversification in the UAE. Forthright is delighted and committed to be working together with the ICV Committee set up by PEs to implement the ICV program and serving the suppliers for their ICV Certification requests in collaboration with our esteem associates.
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