Deloitte signs MoU to become Certifying Body for ADNOC’s In-Country Value (ICV) Program has been saved
Deloitte signs MoU to become Certifying Body for ADNOC’s In-Country Value (ICV) Program
22 April 2019 - Deloitte has signed a Memorandum of Understanding (MoU) with ADNOC on April 1, 2019 at ADNOC HQ Abu Dhabi to become one of ADNOC’s Certifying Bodies (CBs) for its In-Country Value (ICV) Program.
As part of the ADNOC ICV Program, ADNOC’s suppliers are required to declare their ICV achievement for the previous financial year. 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. The ICV assessment will form an integral part of ADNOC’s tender evaluation and award process. The criteria will assess suppliers’ ICV score, which includes goods manufactured, third party spend, investment and Emiratization, among other elements.
“The launch of ADNOC’s In-Country Programme was a critical step in catalysing our nation’s progress and development. We’re pleased with the constructive and positive feedback we’ve received from our partners and suppliers this past year, and we look forward to driving even more in-country value in the years ahead. That is why we’re proud to be deploying a total of 12 leading certification companies – some local, others global – all experts in their field, committed to serving our community of suppliers as they help us advance our In-Country Value Programme’s mission to drive national prosperity and growth,” said Rashed Saud Al Shamsi, Business and Commercial Support Director at ADNOC.
“Deloitte is honored to be one of ADNOC’s certifying bodies, working closely with ADNOC to implement this program across the United Arab Emirates,” said Mutasem Dajani, Managing Partner, Deloitte United Arab Emirates. “Verifying suppliers’ ICV performance and ascertaining they meet ADNOC’s requirements will drive opportunities for local businesses in the Emirates in line with ADNOC’s 2030 growth strategy,” he added.
The ICV program was launched in January 2018 for ADNOC Group Companies with the objective of creating additional employment opportunities for Emiratis in the private sector, and supporting the Emirate’s GDP diversification through sourcing more goods and services within the UAE. Another objective of the ICV program is localizing strategically critical parts of the value chain for selected categories.
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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) (DME) is a licensed member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.
DME provides audit and assurance, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It has also received numerous awards in the last few years which include, Middle East Best Continuity and Resilience provider (2016), World Tax Awards (2017), Best Advisory and Consultancy Firm (2016), the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.