From January 2018, the Abu Dhabi National Oil Company (ADNOC) has launched an In country Value program (ICV) with a view to diversify the UAE�s economy by localizing more goods and services, create more employment opportunities for the UAE nationals in the private sector and the localization of important functionalities in the field of oil and gas. After the implementation of ICV program, ADNOC�s suppliers and service providers are required to show a significant increase in the ICV score by declaring their ICV achievements certificate with respect to the previous financial year. ICV score is now become an integral part of ADNOC tendering process as awarding criteria is now based on the lowest price and high ICV score. All the ADNOC suppliers are now required to contact an ADCOC certification body for ICV certificate and submit the supplier�s submission template. In the UAE, the ICV certificate can only be obtained from an ICV approved auditor/ audit firm. The ICV auditor/ audit firm will only issue the ICV certificate on the basis of the audit report of an entity issued by an approved external auditor or audit firm from the government of UAE.
Professional Accounting Services assists companies to obtain ICV certification & to register companies under the Ariba registration. Ariba registration is required for new companies which want to register to provide services/goods to ADNOC group of companies.
The ICV of an on entity is calculated by taking into consideration the economic value of the goods or services offered by the company. Following are consider as the main factors