Unified In- Country Valuation ( ICV)
Unified In- Country Valuation
The In-Country-Value Program (ICV) pioneered by ADNOC in 2018 is an initiative designed to achieve the optimum value from nation’s oil and gas resources to stimulate the UAE’s economic growth and diversification.
Recently, the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company, Abu Dhabi Ports Company PJSC, Aldar Properties PJSC, Emirates Nuclear Energy Corporation, and Mubadala Investment Company (Participating entities) also have collaborated in this program by implementing a unified In-Country Value (ICV) Program
All suppliers that deal with ADNOC – either directly, or indirectly are expected to provide ICV related documents in their commercial bids when bidding with ADNOC. ADNOC will evaluate the ICV certificate and ICV improvement plan during the tender evaluation process.
Key aspects of In- Country Valuation ( ICV) certificate
- ADNOC recommend their suppliers to get their ICV certifications from approved ADNOC. Although noncertificate suppliers can also applied for group tenders their ICV score will consider as zero
- ICV certificate can only be prepared on the basis of the audit report of the last financial year
- The validity of the ICV certificate is 14 months from the date of issuance of audited financial statements by Auditors. For start-ups and newly established companies who are less than 10 months old, management accounts for a period of up to 9 months can be used for ICV certificates.
Calculation of ICV score
- Manufacturing Cost (For Manufacturers)
- Third-Party Spent (For Service Providers and Traders)
- Local Investment and its growth
- Employment of UAE nationals
- Expat Contribution
- Export of goods and services
