ICV Advisory

In Country Value (ICV):

  • In Country Value (ICV) is an initiative introduced by the United Arab Emirates (UAE) government to promote economic diversification, local employment, and the development of a sustainable private sector. It aims to increase the contribution of the non oil sectors to the UAE’s economy and reduce its dependence on oil revenues
  • Under the ICV framework, companies are required to meet certain criteria and achieve specific targets related to local content and Emiratization. Companies are expected to calculate their ICV score, which quantifies their compliance with the ICV requirements. The ICV score is typically used as an evaluation tool during the tendering process for government contracts and can influence the awarding of contracts.
  • The UAE government, through various entities such as the Abu Dhabi National Oil Company (ADNOC) and the Ministry of Economy, monitors and encourages compliance with the ICV requirements. They provide guidelines, tools, and support to help companies enhance their ICV performance and meet the set targets.
  • Client will populate the ‘Supplier Submission Form’ based on last audited financial statements (as per IFRS
  • We will perform standard Agreed Upon Procedures on the submission form.
  • Factual Finding Report will be delivered of the basis of the work carried out.
  • ICV Form will be stamped by us which will have validity of 14 months from the date of signing the audited financial statements.
  • ICV Score improvement. 11

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