In 2018, the Abu Dhabi National Oil Company (Adnoc) introduced a procurement led In-Country Value (ICV) programme to encourage Emiratisation, GDP diversification and strategic considerations.
Then, earlier this year, following the success of the programme and in line with the economic goals of the government accelerator programme, Ghadan 21, the Abu Dhabi Department of Economic Development (ADDED) joined hands with Adnoc and launched the concept of a unified ICV certification process for suppliers in the UAE.
Aldar Properties and Abu Dhabi Ports had last year joined the unified ICV certification process and, along with Adnoc, and ADDED, are now referred to as Participating Entities. Adnoc has also signed agreements with Mubadala Investment Company and Emirates Nuclear Energy Corporation (ENEC) to partner on the programme. More entities are expected to join the ICV certification platform soon.
The unified ICV programme aims to consolidate the ICV certification process in a single ICV certificate that can be used by a supplier who intends to be part of the procurement process of the Participating Entities, whether as a primary or secondary supplier.
“The main objective of the ICV Certificate is to improve participation of the private sector, facilitate the diversification of Gross Domestic Product (GDP) and localise critical parts of the supply chain. In simple words, the supplier's spend that remains within the UAE or contributes to the UAE is calculated and considered as In-Country Value,” says Peeyush Joardar, Partner – ICV & Audit at MBG Corporate Services, one of the approved certifying bodies in the UAE.
As of December 2019, the Adnoc ICV programme has driven more than Dh44 billion ($12 billion) back into the UAE’s economy and has put more than 1,500 Emiratis in the private sector. More than 3,000 companies in the UAE are ICV certified.
Areas considered for ICV certification include goods manufactured, investment, Emiratisation, expatriate contribution, revenue from outside the UAE, and growth in investment, among others. The ICV programme has therefore evolved a new business line and has to be provided from the UAE.
The ICV certificate also helps companies and grants them the opportunity for the first right of refusal in the tender process. While companies who do not possess the ICV certificate will still be allowed to participate in Adnoc Group tenders, their ICV score will be considered as zero in the bid evaluation and they will be at a disadvantage compared to those with a higher ICV score.
“We can help you obtain your unified ICV certificate within a short turnaround time and have a team of experts with a track record of issuing ICV certificates across multiple industries,” he says. “Our job is to first make clients understand the ICV programme and determine factors that affect the ICV score. We then suggest steps for improving the score, including making recommendations about restructuring in organisational processes, legal entity consolidation, investment planning, supply chain optimisation and manpower rationalisation.”
ICV certification is based entirely on the audited financial statements of the company as per International Financial Reporting Standards (IFRS). Financial statements should not be older than two years from the certification year. And for companies with multiple entities, each licence within a group is considered an independent legal entity even if ownership is the same.
“But if a company has different branches in the same emirate with identical activities and ownership listed on the licences, then one combined ICV certificate is allowed for the company in that emirate,” he explains.
Once attained, the ICV certificate is valid for a period of 14 months from the date of issue of audited financial statements. The supplier can get re-certification done during the validity of the ICV certificate if he chooses to, using the same audited financial statements, but the validity of 14 months from the first issue will remain the same.
MBG Corporate Services has set up dedicated in-house teams in Abu Dhabi, Dubai and Sharjah to help and arrange ICV certification. Established in 2002, MBG Corporate Services provides solutions and strategies that drive business transformation. With its headquarters in Singapore, and more than 150 staff working in its UAE office, the company works with clients across Asia, Europe and the Middle East. It has 16 global offices spread across six countries.
For more information about how MBG Corporate Services can help with your ICV certification, click here, email uae@mbgcorp.com or WhatsApp +971 52 640 6240
Scorebox
Dubai Sports City Eagles 7 Bahrain 88
Eagles
Try: Penalty
Bahrain
Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley
Cons: Radley 4, Whittingham 5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
The Baghdad Clock
Shahad Al Rawi, Oneworld
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
