ICV Certification in UAE
THE NATIONAL IN-COUNTRY VALUE ( ICV ) PROGRAM
by the Ministry of Industry and Advanced Technology
Back in 2018, Abu Dhabi National Oil Company (ADNOC) introduced the In-Country Value Program ( ICV ) to derive the optimal value from Abu Dhabi’s Oil and gas resources. In 2019 and 2020, various Governmental and Semi- Governmental Companies have joined hands to broaden the ICV certification process as a Unified ICV program for Suppliers across various sectors in Abu Dhabi and UAE as a whole (called participating entities).By 2021, As part of “Projects of the 50”, the UAE government launched the National In-Country Value Program (ICV) on a federal level under the supervision of the Ministry of Industry & Advanced Technology.
The National In Country Value Program
The National In-Country Value (ICV) Program by the UAE government aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy. The program takes into consideration local expenditure on manufacturing, local products and services, investments, and the hiring and development of Emiratis. It aims to support the national industry and redirect expenditure on procuring goods and services into the national economy. Basically it evaluates the contribution to the local economy.
Strategic objectives of ICV program
- Localization of supply chains and the development of new local industries and services.
- Stimulating and attracting foreign investments and diversifying the economy.
- Creating valuable job opportunities in the private sector
- Increasing exports.
- Contributing to the growth of GDP
- Increase the private sector’s contribution to national GDP.
