In-Country Value program

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In-Country Value program

The In-Country Value (ICV) program, initiated by ADNOC in 2018, is a strategic plan aimed at maximizing the value derived from the UAE's oil and gas resources.

In 2021, the Ministry of Industry and Advanced Technology (MOIAT) extended the national ICV program to include various sectors at the federal level. The national ICV is a certificate issued to suppliers, evaluating their contribution to the local economy. Certified suppliers are given an advantage during the award of contracts and purchases based on their ICV score.

The national ICV program is led by a dedicated team comprising representatives from various government entities and industry experts. The team collaborates to ensure the successful implementation and continuous improvement of the ICV program, fostering economic growth and supporting local industries.

Strategic partners:

Background:

The National ICV program is a UAE government initiative designed to enhance economic performance, support local industries, and redirect public spending to stimulate economic and social development while contributing to GDP growth. The program plays an important role in advancing the country’s economic diversification goals.

Manufacturers and Service Providers, elevate your ICV score National In-Country Value program - Mazars

Objectives:

  1. Increase the percentage of national industrial entrepreneurship projects and the proportion of national talent working in this sector to foster sustainable economic growth.
  2. Stimulate and attract foreign investments, promoting innovation and knowledge transfer while diversifying the economy.
  3. Maximize the percentage of local purchases and contribute to the development of the country's industrial sectors.
  4. Enhance the private sector's contribution to the national GDP creating employment opportunities and driving economic prosperity.
  5. Improve the business environment within the industrial sector, fostering a culture and innovation, efficiency and competitiveness.

How it works:

  1. Companies can apply for the national ICV certificate through a newly introduced digital platform that utilizes blockchain technology. The platform features a bidding process, allowing users to select a certifying body.
  2. All audited financial statements must be issued by a licensed auditor under the Ministry of Economy, adhering to International Financial Reporting Standards (IFRS).
  3. In the case of companies with multiple branches in the same Emirate engaged in identical activities and sharing ownership listed on licenses, a combined ICV certificate will be issued.
  4. Audited financial statements should not exceed 2 years from the certification year. For newly established companies (less than 10 months old) lacking audited financial statements, management accounts covering up to 9 months can be used for ICV calculations. Management accounts exceeding 9 months will require auditing.
  5. The validity of the ICV certificate is 14 months from the issuance of the Audited Financial Statements or the issuance of new Financial Statements, whichever is earlier.
  6. Service providers based in the UAE mainland are automatically granted 10% ICV for calculation purposes.
  7. The headcount of employees will be determined based on an average basis per year, not year-end figures.

How to get an ICV Certificate in UAE?

Learn more about what is In-Country Value (ICV) Certification and step-by-step instructions on how to get an ICV certificate in UAE.

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National In-Country Value (ICV) Certification - Mazars in UAE | leading international audit, tax, advisory and consulting firm
National In-Country Value (ICV) Certification - Mazars in UAE
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