The In-Country Value (ICV) program, initiated by ADNOC in 2018, aims to enhance the UAE's economic growth and diversification by maximizing the value generated from oil and gas resources through local sourcing and Emiratization. Participating entities evaluate suppliers based on their ICV scores, which are determined by their financial contributions to the local economy, leading to potential advantages in contract awards. HLB Hamt is an authorized certifying body that assists clients with ICV certification and compliance within the framework of this national initiative.

1. IN COUNTRY VALUE
PROGRAM (ICV)
https://hlbhamt.com/

2. The In-Country-Value Program (ICV) pioneered by ADNOC in 2018 is an initiative
designed to achieve the optimum value from our 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, Rev. 3.0.

3. THE PRIMARY OBJECTIVES OF ICV ARE:
 Emiratization: Generating more employment opportunities for Emiratis in the
private sector
 GDP Diversification: More goods and services are sourced within the country, in a
move to support diversification
 Strategic considerations: Critical parts of the value chain are localized for certain
categories of businesses

4. WHY ICV CERTIFICATION
 ICV score is an integral part of bid evaluation of the participating entities and it will
give added weightage for the suppliers and vendors in the award process.
 Entities who are indirectly connected with the tenders also benefit from the ICV
certification program; as ICV-certified supplier “spend” that remains within the
UAE or contributes to the UAE economy, is considered for ICV calculation purpose.

5. KEY CONSIDERATIONS IN ICV
CERTIFICATION
 ICV certification is based on the last audited IFRS financial statements of the
entities and shall not be older than 2 years from the certification year.
 For newly established companies (less than 10 months old), who do not have audited
financial statements, the management accounts for a period of up to 10 months can
be considered for ICV calculations.
 The ICV certificate shall be valid for a period of 14 months from the date of issuance
of audited financial statements.

6.  ICV Scores are calculated using a pre-defined methodology by assessing the
economic value added within the country for the goods or services provided by the
entity. Following areas are taken into the consideration for the calculation of ICV
Score:

7. HOW WE CAN HELP?
HLB HAMT is empaneled as one of the certifying bodies to issue an ICV Certificate
with the respective authorities. Along with issuing the certificate, we work with
clients to understand their requirements, help them with ICV calculation and
recommend the required improvements in the business as well as operational
activities. We also make it a point to constantly update our clients on the latest
information regarding ICV program and suggest policy changes, if required.

8. FREQUENTLY ASKED QUESTIONS – ICV
What is the National in-country value program?
The National In-Country Value Program (ICV) is a UAE government program that
aims to boost economic performance and support local industries by redirecting higher
portion of public spending into the national economy. The National ICV is a certificate
issued to suppliers in which their contribution to the local economy is evaluated. The
certified suppliers are then given an advantage during the award of contracts and
purchases based on their ICV score.

9. Who are the Participating entities of the ICV programme in UAE?
All the entities who have implemented the In-Country Value (ICV) program jointly are
referred to as “Participating Entities” and include the Abudhabi Department of
Economic Development (ADDED), ADNOC, ALDAR, MUBADALA, Etisalat, Emirates
Nuclear Energy Corporation, Etihad Rail, Shurooq, EDGE. ICV Certificates are used
by the Participating entities in evaluating their tenders for procurement.

10. What are the economic benefits of the ICV Certificate in UAE?
As a part of the ICV program, more goods and services are sourced within the country,
in a move to support UAE’s GDP diversification. Also, the Program will generate more
employment opportunities for Emiratis in the private sector and critical parts of the
value chain will be localized for certain categories of businesses.
What is a Certifying body as per ICV program?
A Company who has been authorized by the MOIAT for verification of Suppliers’ ICV
certificate application and issues the ICV certificate.

11.  How can suppliers join the ICV Program in UAE?
To join the ICV Program, suppliers need to follow few simple steps:
 Issue audited financial statement based on International Financial Reporting Standards
(IFRS) (management accounts for new established entities less than 10 months.)
 Fill in the ICV template as per the guidelines.
 Approach one of the authorized certifying bodies for evaluation.
 Once the ICV certificate is received, a supplier can submit it to participating entities.

12. CONTACT US
HLB HAMT
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates.
Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com