Deloitte became one of the empaneled In-Country Value (ICV) Certifying Bodies for the Unified In-Country Value (ICV) Program in the UAE in December 2020. The firm signed a Memorandum of Understanding (MoU) with the participating entities namely Abu Dhabi National Oil Company (Adnoc), Abu Dhabi Department of Economic Development (ADDED), Aldar Properties PJSC (ALDAR), Abu Dhabi Ports, Mubadala Investment Company PJSC (Mubadala) and Emirates Nuclear Energy Corporation (ENEC). 

 

In line with the UAE leadership vision and economic goals of the Government Accelerator Program (Ghadan 21), ADNOC, ADDED, ALDAR, Abu Dhabi Ports, Mubadala and ENEC agreed to standardise the ICV Certification process with the launch of the Unified ICV program. 

 

The In-Country Value (ICV) program was originally created by ADNOC and implemented in its group of companies since the beginning of 2018, thus offering suppliers new opportunities to conduct business with ADNOC Group. 

 

Under the Unified ICV Program, suppliers are evaluated by a certifying body like Deloitte for their ICV compliance in the previous financial year. The ICV assessment forms an integral part of the Participating Entities’ tender evaluation and award process. The Participating Entities require 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 criteria assess suppliers’ ICV score, which includes goods manufactured, third party spend, investment and Emiratization, among other elements. 

 

“The Unified ICV Program aims to increase business opportunities for private sector entities as well as further strengthen an efficient platform for local value add generation. Deloitte is honored to be one of the certifying bodies of the Unified ICV program and will continue working closely with the ICV Committee to add value to the Program,” said Padmanabha Acharya, Partner and UAE Audit Leader at Deloitte.--TradeArabia News Service