What Is ICV?

In November 2017 ADNOC introduced an “ In Country Value “ certificate program for its group companies to achieve the objectives of :

  • Emiratization – To create additional employment opportunities & thereby increasing the skills of the local workforce .
  • GDP Growth :

-By aiding GDP growth through more supply of goods & services within UAE

-Increasing Foreign direct investment in UAE

-Improving Private sector , small to medium enterprises’ contribution to GDP.

3)   Strategic consideration: Localization of critical functionalities in UAE.

 

Companies will have an ICV Certificate that is certified by any of the ADNOC approved certifying bodies . However the companies who do not possess an ICV Certificate will be able to participate in government tenders , but for the purposes of bid evaluation their ICV score will be considered as “ (0) zero “ .

Who Needs an ICV Certificate?

ICV Certificate is needed by all those companies who are dealing or intending to deal with any of the following Government , Semi government entities :

1)Abu Dhabi National Oil Company (ADNOC)

2)Abu Dhabi Department of Economic Development (ADDED)

3)Al Dar Properties

4)Abu Dhabi ports

5)Other government departments of Abu Dhabi.

How long is an ICV Certificate Valid?

The ICV certificate will be valid for a period of 14 months from the date of issuance of audited financial statements.

Required Documents for ICV Certificate?

  • Company’s audited financial statements
  • List of procured goods & services
  • WPS reports

What Are The Areas Considered For The Calculation of ICV?

-Goods manufactured

-Third party cost

-Investment in United Arab Emirates

-Emiratization

-Expatriate contribution

-Bonus :

1)Revenue from outside UAE

2)Emirati head counts

3)Investment growth

Our Scope Of Work?

  • We can prepare & certify audited financial statements for the company after carrying out the audit procedures.
  • Provide consultancy services pertaining to ICV Certificate. We shall assist the client in filling the application form for submission to the Abu Dhabi Authorities.
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