The Abu Dhabi National Oil Company (“ADNOC”) has launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals.
The objectives of this program are:
- Emiratization: creating additional employment opportunities for Emiratis in the private sector;
- GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and
- Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.
ADNOC strongly encourages its suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in ADNOC Group tenders. However, suppliers with an ICV certificate will have an advantage during the tendering process (suppliers without the certification will be considered to have 0% ICV score). PKF is honored to be included as one of the Certifying Bodies.
ADNOC has provided its suppliers a submission template. This template should be updated by the suppliers with the data relating to the suppliers’ audited financial statements. As a Certifying Body, PKF will perform prescribed procedures as mandated by ADNOC on the data in the submission template and issue a factual report. This ICV certificate will have a validity of 18 months from the date of its signing or two months from the date of signing of audit report of next financial year, whichever is earlier.
The ADNOC ICV program is a progressive initiative and supports the move towards growth, development and diversification in the UAE. PKF is delighted and committed to be working together with ADNOC to implement the ICV program and serving the suppliers for their ICV Certification requests. Please contact PKF – ICV team at firstname.lastname@example.org to know more about the program.