Updated: Jan 26
The UAE national in-country value program (ICV) is a recipe for success. The Abu Dhabi National Oil company ADNOC launched In 2018 a promising scheme designed to achieve optimal worth:
Diversifying the Gross Domestic Production through increasing expenditure on local goods and services.
Supporting the private sector to contract Emirati's in their organization and create the right skill set to develop UAE Nationals' abilities.
The localization of the supply chain and promoting exporting of the local goods in the longer run.
It examines value-added contribution to the UAE in areas including - Manufacturing locally. - Third-party goods and services procurement - Local investment and it is growth - Emiratization of the workforce - Expatriate contribution- Generation of income from outside the UAE
Who Needs a Unified ICV Certificate? Manufacturers and service providers intend to do direct or indirect business with ADNOC and group companies, the public sector, and semi-government entities. As a result, the ICV program creates profound social and commercial benefits contributing to sustainable economic growth and development.
It will promote GDP diversification, create job opportunities for UAE Nationals in the private sector, and provide local businesses with more opportunities to participate in business activities with the participating entities. As such, the program stimulates broad-based economic growth, benefiting all relevant stakeholders.
In 2020 Abu Dhabi Department of Economic Development, Aldar Properties, Mubadala, Abu Dhabi Ports and ENEC signed a Memorandum of Understanding to include the In-Country Value (ICV) Certification process in their supply chain following the steps of ADNOC.
With the successful implementation, the ICV is now planned nationwide in 2021 to cover the whole country. Ministry of Industry and Advanced Technology (MoIAT) will lead this plan to boost the UAE's industrial sector and increase its contribution to the GDP.
The International Standard on Related Services no.4400 regulates all aspects of ICV services. The ICV certifying body does not offer opinions or assurances under audit or assurance standards on the financial information. In general, the services are not aimed at conducting procedures focused on detecting illegal or fraudulent acts or ascertaining compliance with the regulations or laws in multiple jurisdictions.
Assist Plus Accounting and Auditing services is a leading and approved certifying body that completes certification of the ICV assessment. Our experienced financial experts will work with you to implement the ICV program for you quickly.
Assist Plus can be verified at the following government websites.
The procedures performed by Assist Plus will be restricted to those agreed with the unified ICV committee and the precise terms of the engagement as listed in the Engagement Letter.
The ICV Committee has granted its approval to our approach, which is based on our experience with such projects and as confirmed by the committee. To meet the assignment goals, we divided our overall strategy and execution approach into three phases.