Obtaining an In-Country Value (ICV) certification provides businesses with a certain amount of weightage when it comes to bid evaluations. Suppliers can get an ICV Certificate that shows their participation based on the most recent audited financial statements as well as other factors.
Contributions to In-Country Value (ICV) are linked to industry initiatives, which encourage local suppliers to focus more on acquiring an ICV certificate. The goal of the activity is to encourage economic growth in the UAE and to assist local enterprises in conducting business with huge organisations such as ADNOC.
ADNOC – An Overview
The Abu Dhabi National Oil Company (ADNOC), based in Abu Dhabi, was founded in 1971 to operate in all aspects of the UAE’s oil and gas business. The ADNOC In-Country-Value Program (ICV) was launched in 2018. The program’s goal is to get the most out of the UAE’s oil and gas resources in order to boost the country’s economic growth and diversity.
One of the foundations in ADNOC’s purchase process is ICV in the UAE. The assessment applies to all contracts that have been granted. Engaging explicitly or implicitly with ADNOC will have a notable influence on suppliers’ ICV duties. Vendors will need to have an ICV certification and develop an ICV action plan in the UAE on their own or with the assistance of experts, relying on their dealings with ADNOC.
What is the goal of Abu Dhabi’s In-Country Value Certificate Program?
This initiative aims to provide possibilities and a prosperous future for local goods providers and sub-suppliers who are either directly active in commerce in the UAE or serve as an intermediary participant. This project is in line with ADNOC’s 2030 expansion plan, which seeks to provide economic support for local residents and promote the creation and sharing of knowledge.
The mission of the ICV certification programme is to encourage local industry development by lowering reliance on imports and introducing additional efforts such as financial rewards. Let’s look at the core objectives of ICV:
- Expanding the market and increasing exports by stimulating and recruiting global investment.
- Supporting to the development of the national economy
- Research and Development (R&D) along with sophisticated technological investment, should be increased.
- Localization of critical supply chains and the creation of new local industry sectors
- Increase the private sector’s participation to the UAE’s GDP.
According to the ICV rules, companies from both inside and outside the UAE are qualified to participate for an ICV Certification. All organizations wishing to apply for public and semi-governmental contracts must first get ICV accreditation. In the tendering process, the ICV component is given a particular significance.
A business’s ICV score shows its contribution to the UAE economy. The ICV score is sometimes expressed as a percentage. Companies may save time and money by using ICV Certification services in Abu Dhabi.
The ICV Certificate is verified and issued by professional entities approved by the Ministry of Industry and Advanced Technology (MoIAT). Certifying Bodies are professional organisations that provide ICV certification services in Abu Dhabi and around the UAE.
ICV Certification Services in Abu Dhabi, UAE
HLB HAMT is one of the leading certifying authorities allowed to provide ICV certification services to the appropriate authorities in Abu Dhabi and all across the UAE. We can assist business owners in gaining a better understanding of the aspects that influence their company’s ICV score. We support our customers with ICV calculations and keep them up to date on the newest ICV programme information.