ADNOC In-Country Value (ICV) Certification

The In-Country Value (ICV) Certification is a part of the ICV Program pioneered by Abu Dhabi National Oil Company (ADNOC) in 2018. This initiative aims to extract optimum value from the nation’s oil and gas resources. ADNOC In-Country Value (ICV) Certification.

Suppliers are encouraged to undertake the ICV certification process, which requires them to declare their ICV achievement with respect to the previous financial year. The ICV certificate is issued by one of the empanelled certifying bodies, such as PwC, and needs to be certified annually.

This certification is part of the Unified ICV Program that was designed to boost economic performance and support local industries.

The ICV assessment measures the degree to which a firm contributes to these goals and is a critical part of ADNOC’s tender appraisal process. Firms that get certified as adding value to the United Arab Emirates can secure lucrative business contracts with ADNOC.

ICV Certificate Meaning:

The In-Country Value (ICV) Certificate in the United Arab Emirates (UAE) is a certification issued by the Abu Dhabi National Oil Company (ADNOC). The ICV Certificate certifies the level of In-Country Value achieved by a company operating in the UAE.

The certificate is given to companies after evaluating their contribution to the local economy. The ICV program aims to boost economic performance and support local industries by redirecting more public spending into the UAE economy.

To get an ICV Certificate, a supplier must apply through one of the empaneled ICV certifying bodies in the UAE. This process involves data population of the ICV template, which is then audited by the certifying body.

Once certified, a company can secure lucrative business contracts with ADNOC and other entities in the UAE. ADNOC In-Country Value (ICV) Certification.

The ICV certificate needs to be renewed annually, and it evaluates aspects such as goods manufactured locally, investment in infrastructure, Emirati employment, and student and full-time graduate employment.

ICV Certificate Sample: (sample picture)

How to Get ICV Certificate in UAE?

Getting an In-Country Value (ICV) Certificate in the United Arab Emirates (UAE) involves several steps. First, a company must issue audited financial statements for the previous financial year.

The next step is to fill in the ICV template, which contains key financial data and other information that will be used to evaluate the company’s in-country value. Financial Feasibility Study in Dubai, UAE – WAPC.

This template is then submitted to one of the ICV-certified audit firms or auditors in the UAE. These firms are responsible for evaluating all the data provided in the template and calculating the ICV score.

Once the evaluation is complete, the audit firm issues the ICV Certificate, which certifies the company’s in-country value. This certificate can then be submitted to ADNOC or other entities as part of the tendering process.

It’s important to note that the ICV Certification can only be handed out by empaneled ICV certifying bodies in the UAE, and the certificate needs to be renewed annually.