ADNOC In-Country Value (ICV) Certification has been saved
ADNOC In-Country Value (ICV) Certification
Deloitte is empaneled as one of ADNOC’s Certifying Body and is part of the ADNOC In Country Value (ICV) Program.
Deloitte has been appointed as one of ADNOC’s certifying bodies to implement the In-Country Value (ICV) program for ADNOC Group Companies with the objectives of creating additional employment opportunities for Emiratis in the private sector, supporting UAE GDP diversification through sourcing more goods and services within the UAE and strategically localising critical parts of the value chain for selected categories.
As part of the ADNOC ICV Program, ADNOC’s suppliers are required to declare their ICV achievement (“ICV Certificate”) with respect to the previous financial year. The ICV assessment now forms an integral part of ADNOC’s tender evaluation and award process.
ADNOC requires a third-party verification of the numbers in the ICV Certificate to be conducted by one of its Certifying Bodies on an annual basis.
What is the ICV Certificate?
- ADNOC suppliers shall possess ICV Certificates issued by an ADNOC empaneled Certifying Body. Suppliers who do not possess the ICV Certificate shall be allowed to participate in ADNOC Group tenders; however, their ICV Score will be considered as “Zero(0)” in the bid evaluation.
- An ICV certificate needs to be obtained for each legal entity, which intends to participate in tender with ADNOC or any of its group entities.
- The ICV Certificate shall be prepared based on last audited financial statements, which shall not be older than 2 years from the certification year.
- The ICV certificate shall be valid for a period of 18 months from the date of initial issue or once a new set of financial statements are issued (whichever is earlier).
- Supplier shall be responsible to have the revised ICV certificate within 2 months of the issuance of audited financial statements.