In Country Value ICV Certification

What is ICV (In-Country Value)?

ICV (In-Country Value) is a strategic certification program in the UAE, initially introduced by ADNOC (Abu Dhabi National Oil Company) and now managed by the Ministry of Industry and Advanced Technology (MoIAT). Specifically, it is designed to maximize the economic impact of corporate spending within the national economy. By doing so, the program ensures that expenditures on manufacturing, goods, and services are directed toward locally produced resources, thereby fostering sustainable economic growth and diversification.

Originally, the In-Country Value initiative was focused on the oil and gas sector. However, it has since evolved into a nationwide program under MoIAT, significantly extending its reach to include industries such as manufacturing, technology, and services. This expansion aligns seamlessly with the UAE’s broader vision to strengthen its industrial base and achieve long-term economic resilience. Moreover, by encouraging local investment and procurement, the ICV program not only supports domestic businesses but also contributes to job creation and skill development. As a result, it plays a crucial role in reducing the country’s reliance on imports and enhancing its global competitiveness. In summary, the ICV program is a cornerstone of the UAE’s strategy to build a diversified, knowledge-based economy for the future.

Objectives of the National ICV Program

The In-Country Value program aims to:

  • Promote Local Investments: Encourage businesses to invest in the UAE’s economy.
  • Create Employment Opportunities: Generate high-quality jobs for UAE nationals.
  • Support Local Industries: Boost the growth and competitiveness of domestic industries.
  • Recycle Spending into the Economy: Ensure that spending on goods and services remains within the national economy, driving sustainable development.

ICV Certification Process

Under MoIAT, the ICV certification process has been standardized to ensure transparency and consistency. Companies are required to:

  1. Calculate their In-Country Value score, which measures the percentage of their spending that contributes to the national economy.
  2. Undergo audits by approved certification bodies to validate their In-Country Value score.
  3. Submit documentation through MoIAT’s digital platform for certification.

Why ICV Matters

The In-Country Value (ICV) program is a cornerstone of the UAE’s economic diversification strategy, actively supporting initiatives like Operation 300bn and the Make it in the Emirates campaign. By prioritizing local sourcing, manufacturing, and employment, the program not only strengthens the UAE’s industrial sector but also reduces reliance on imports while enhancing its global competitiveness.

For businesses operating in the UAE, achieving ICV certification is more than just a regulatory requirement; rather, it is an opportunity to contribute to the nation’s sustainable development and economic prosperity.

FinGuard provides comprehensive guidance to help clients understand In-Country Value (ICV) Certification and the factors that influence scores.

Our services include:

1. Raising ICV Scores

We work closely with clients to enhance their scores by identifying actionable strategies and restructuring organizational processes. Our team provides a detailed impact analysis report that outlines the overall effect of each action taken, ensuring measurable improvements in your ICV performance.

2. ICV Template Construction

Our experts develop customized ICV templates based on your financial year records, ensuring compliance with certification requirements. These templates are tailored to your business and can be confidently presented to auditors, streamlining the certification process.

3. ICV Improvement Plans

We create tailored ICV improvement plans that align with your business objectives and can be submitted with tenders from ADNOC Group Companies & Others. These plans demonstrate your commitment to enhancing your In-Country Value contribution, giving you a competitive edge in securing contracts.

4. Guidance on Milestone Payments

To help you avoid the forfeiture of ICV milestone payments, we provide clear guidance on how to continuously improve your ICV scores throughout the plan period. Furthermore, our team ensures that you meet In-Country Value certification requirements while also maximizing your financial benefits.

Why Choose Us?

  • Expertise: With a deep understanding of ICV certification processes and requirements under both MoIAT and ADNOC, we provide unparalleled insights to navigate the complexities of the program. Our team is equipped with the knowledge and experience to guide you through every step, ensuring compliance and maximizing your ICV potential. Tailored Solutions: We offer customized strategies designed to improve your ICV score while aligning with the UAE’s national economic goals. By analyzing your current operations and expenditures, we identify opportunities to enhance local procurement, boost local manufacturing, and optimize your supply chain. Our approach ensures that your business not only meets ICV requirements but also contributes meaningfully to the UAE’s economic diversification and sustainability objectives. Proven Results: Our track record speaks for itself. We have successfully helped numerous clients achieve higher ICV scores, enabling them to secure valuable contracts and strengthen their market position. Through our expertise, businesses have unlocked new opportunities, built stronger local partnerships, and enhanced their competitiveness in the UAE market. Partner with us to strengthen your In-Country Value (ICV) contribution, comply with UAE regulations, and drive sustainable growth for your business. Together, we can ensure your operations align with the UAE’s vision for a resilient, diversified economy while unlocking long-term success for your organization.
ICV (In-Country Value) Requirements

To achieve certification and comply with the UAE’s In-Country Value program, businesses must meet specific requirements set by the Ministry of Industry and Advanced Technology (MoIAT). Here’s a breakdown of the key requirements:

1. Accurate Financial Documentation

Businesses must provide detailed financial records for the relevant fiscal year, including:

  • Revenue and expenditure statements, which outline the company’s financial performance.
  • Proof of spending on locally sourced goods and services, ensuring compliance with national economic policies.
  • Payroll records to demonstrate employment of UAE nationals, highlighting the company’s contribution to local workforce development.
2. Score Calculation

Companies are required to calculate their ICV score, which measures the percentage of their spending that contributes to the national economy. The score is calculated based on:

  • Local Procurement: Spending on goods and services sourced from UAE-based suppliers.
  • Emiratization: Employment of UAE nationals and investment in their training and development.
  • Investments: Capital expenditures within the UAE.
  • Exports: Value-added goods and services exported from the UAE.
3. Third-Party Audits

To ensure transparency and accuracy, businesses must undergo an audit by a certification body. The auditor verifies the financial data and ICV score calculation, ensuring compliance with program guidelines.

4. Submission of Certificate

Once the audit is complete, businesses receive an In-Country Value (ICV) certificate, which validates their score. This certificate is particularly important as it is often required when bidding for contracts with ADNOC and other government entities.

5. Continuous Improvement

Businesses are encouraged to develop and implement improvement plans to enhance their scores over time. This includes:

  • Increasing local procurement, which not only boosts the ICV score but also supports local suppliers and strengthens the UAE economy.
  • Expanding Emiratization efforts, thereby creating more job opportunities for UAE nationals and contributing to the nation’s workforce development goals.
  • Investing in UAE-based operations and infrastructure, which helps build long-term capabilities and aligns with the UAE’s vision for economic diversification and sustainability.
6. Compliance with MoIAT Guidelines

All processes and documentation must align with the latest MoIAT ICV guidelines, which are regularly updated to reflect the UAE’s evolving economic priorities.