ADNOC ICV Certification
ADNOC ICV Certification
ADNOC ICV Certification; ADNOC has launched an In-Country Value (ICV) program with the objective of growing and diversifying the UAE’s economy. As part of ADNOC’s ICV program, all ADNOC suppliers are required to declare their ICV achievement (ICV Certificate). Suppliers that don’t have an ICV confirmation can in any case partake in ADNOC tenders, yet will be considered with 0% of ICV, which in the long run will position them as less focused than providers that have the accreditation.
What Is The ADNOC In-Country Value (ICV) Program?
The ADNOC In-Country Value program is an obtainment drove activity that plans to help support ADNOC’s ICV commitment by concentrating on nearby provider choice, the advancement of UAE Nationals, and the restriction of basic functionalities in the oil and gas industry.
ADNOC has provided the Supplier submission template which needs to be filled based on the latest audited financial statements and supporting information from the books of accounts.
Companies that Require ADNOC ICV Certification
According to ICV criteria, businesses inside or outside the UAE are eligible to apply for an ICV Certification. Any businesses that want to apply for governmental and semi-public procurements must have ICV certification. ICV is given a particular amount of weight when evaluating bids. This is not a necessary need, though.
As an integral component of their tender evaluation and award process, the Tier 1 suppliers (suppliers that directly provide products or services to the Partners of the Program) may be required to disclose their ICV Score. In order to compete with Tier 1 suppliers in their tenders, suppliers in the Tier 2 category and lower must also show their ICV Certificate.
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The certifying bodies’ ICV evaluation formula takes account of goods manufactured in the UAE, the value of third-party spend in the UAE, a company’s investment in the UAE and its Emirati station record, as well as the UAE-based expatriate employees’ contribution to the national economy. The evaluation also takes account of a supplier’s operating costs and depreciation cost, along with any exports created.
This certificate is given to ADNOC suppliers who pass a rigorous evaluation. It is a component of the Unified ICV Program, which was implemented to stimulate the local supplier market. The evaluation is performed by accredited Adnoc ICV certification agencies. These organizations examine a supplier’s financial records to see if they are in compliance with the rules.
ADNOC ICV program was designed to:
- Encourage private-sector partnerships and opportunities resulting from the company’s 2030 growth strategy
- Catalyze socio-economic development
- Improve knowledge transfer
- Generate employment opportunities for the UAE nationals
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