What is the ICV (In-Country Value) Certificate?
The In-Country Value Certificate is an initiative put in place by the Emirate government aimed at supporting local economic growth by encouraging companies to make a bigger contribution to the nation’s GDP. Starting with an introduction by the Abu Dhabi National Oil Company (ADNOC), this ICV program has become a full-fledged initiative under various government and semi-government entities, ensuring that companies operating within the United Arab Emirates invest in the local economy through procurement, employment, and manufacturing.
From issuing an In-Country Value Certificate, firms showcase their commitment to enhancing the economy of the UAE by prioritizing local suppliers, employing UAE nationals, and investing in local infrastructure. This certificate gives eligibility for bidding in government contracts, wherein companies scoring high for ICV are given preferences.
How Does the ICV Certificate Benefit Businesses?
For businesses operating in the UAE, the ICV program presents significant advantages that go beyond mere compliance. Here’s how obtaining an ICV Certificate can benefit your business:
- Access to Government Contracts
Many government and semi-government entities in the UAE require businesses to have an ICV Certificate when bidding for contracts. A higher ICV score gives companies a competitive edge in securing lucrative government projects. - Enhanced Business Opportunities
With major organizations and multinational companies aligning with ICV requirements, businesses with a strong ICV rating can unlock new partnerships, collaborations, and expansion opportunities in the UAE market.
- Access to Government Contracts
- Increased Credibility and Reputation
An ICV Certificate serves as a testament to a company’s commitment to the UAE’s economic growth. It enhances business credibility and strengthens relationships with stakeholders who prioritize working with locally invested companies.
- Increased Credibility and Reputation
- Encourages Local Economic Development
By sourcing materials, labor, and services locally, businesses help drive economic sustainability, supporting small and medium enterprises (SMEs) and creating more job opportunities within the UAE.
- Encourages Local Economic Development
- Competitive Advantage in the Market
Companies with a higher ICV score stand out in the industry, attracting more clients who prefer to work with businesses that align with national economic goals.
- Competitive Advantage in the Market
Advantages of the ICV Certification Program
The ICV Certification Program is not just about compliance—it’s a strategic move for businesses aiming for long-term success in the UAE. Here are some key advantages:
- Stronger Supply Chain and Localization
By encouraging businesses to procure from local suppliers, the ICV initiative strengthens the UAE’s supply chain and reduces dependency on imports.
- Stronger Supply Chain and Localization
- Supports Emiratization
The program incentivizes businesses to hire and train UAE nationals, contributing to employment generation and skills development.
- Supports Emiratization
- Encourages Investment in Innovation
Companies investing in research, development, and technology within the UAE can improve their ICV scores, fostering innovation and competitiveness.
- Encourages Investment in Innovation
- Tax and Financial Benefits
Businesses aligning with the ICV framework may enjoy financial incentives, cost reductions, and better funding opportunities from government-backed entities.
- Tax and Financial Benefits
- Alignment with UAE’s Economic Vision
ICV supports the UAE’s Vision 2030 by driving sustainable economic diversification, reducing reliance on oil revenues, and strengthening local industries.
- Alignment with UAE’s Economic Vision
Conclusion
The ICV Certification Program is a powerful tool that enables businesses to thrive in the UAE while actively contributing to the nation’s economic development. By obtaining an ICV Certificate, companies gain a competitive advantage, access government contracts, and align with the UAE’s economic vision for sustainability and growth.
For businesses looking to enhance local investment, boost credibility, and secure government projects, getting an ICV Certificate is no longer an option—it’s a necessity.
Are you ready to elevate your business with an ICV Certificate? Start your journey today and unlock unparalleled opportunities in the UAE!