Back in 2018, the Abu Dhabi National Oil Company (ADNOC) introduced the In-Country Value or ICV initiative to derive optimal value from Abu Dhabi’s oil and gas resources. Under the ADNOC ICV program, suppliers must present ICV-related documents when making commercial bids with ADNOC.
In the following year, after the program met with success, ADNOC partnered with Abu Dhabi Department of Economic Development (ADED), Abu Dhabi Ports and Aldar Properties to create a unified ICV certification process for suppliers in the United Arab Emirates (UAE).
What is ICV in the UAE?
In-Country Value (ICV) is the name of a program in the United Arab Emirates implemented by four entities:
- Abu Dhabi National Oil Company (ADNOC)
- Abu Dhabi Department of Economic Development (ADDED)
- Abu Dhabi Ports
- Aldar Properties
What are the objectives of the Unified ICV program?
The ICV program has the following key objectives:
- To improve employment opportunities for Emiratis in the private sector
- To facilitate GDP diversification
- To localize critical parts of the supply chain
Who is eligible for the in-country value program (ICV)?
The ICV program is designed to benefit all companies, of any size, currently operating in Abu Dhabi and engaged in governmental and semi-governmental procurements (specifically, for ADNOC, ADED, Abu Dhabi Ports and Aldar Properties).
How can I become part of the ICV program?
Suppliers and contractors must successfully complete the program’s certification process.
What is the purpose of the ICV certification process?
The purpose of ICV certification is to ensure the following:
- That the contractor’s provided information with regards to their ICV contribution is valid and accurate
- That the contractor’s ICV scores are correctly calculated based on predefined methods
What is an ICV Certificate in the UAE?
The ICV certificate in the UAE measures the supplier or contractor’s ICV contribution to the economy of Abu Dhabi. The supplier receives this certificate upon the successful completion of the certification process.
What is the advantage of having an ICV certificate?
Companies with an ICV certificate will gain an edge over the competition during the tendering process. Without the certificate, suppliers will be considered to have 0% ICV.
Am I required to get the Unified ICV Certificate in order to establish a business in the UAE?
No. The ICV certificate is mostly needed for suppliers of ADNOC, the Abu Dhabi government, ALDAR and Abu Dhabi Ports.
Where can I get an ICV Certificate in the UAE?
There are certifying bodies that are authorized to issue ICV certificates to companies that successfully pass the required evaluation.
MBG Corporate Services is one of the earliest and sought-after vendors for ICV Certification in the UAE.
What documents am I required to submit for the ICV certificate?
- Audited financial statement from the supplier or contractor
- A list of the procured goods and services
- Wage protection system (WPS) reports
How can I get an ICV Certificate in the UAE?
The following is the process of getting an ICV certificate:
- The supplier or contracting company contacts the pre-approved certifying bodies.
- After reviewing the received quotations, the supplier chooses and awards one particular certifying body and signs an engagement letter.
- The certifying body evaluates the supplier by validating their submitted information, and issues the final ICV certificate.
How much does it cost to secure an ICV certificate?
There is no fixed price for the ICV certificate. The supplier receives quotations (which can vary widely) from the certifying bodies, and the cost would depend on the selected certifier.
How long does it take to get an ICV certificate?
After the supplier’s financial information is prepared and approved by certifiers, the ICV certificate is typically issued between three to 15 business days. The size of the company undergoing certification could also affect the length of time in which the certificate is issued.
How long is the ICV certificate valid for?
The ICV certificate is valid for 14 months from the date that the supplier’s financial statements were issued.
MBG Corporate Services is an approved certifying body that can help your company obtain your Unified ICV certificate in no time. Get in touch with us today.