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What is ICV Score?

ICV
What is ICV Score

ADNOC introduced an In-Country Value (ICV) program for its suppliers. The program aims to enhance ADNOC’s ICV contribution by focusing on local supplier selection, UAE Nationals development, and the localisation of important functions in the oil and gas industry.

What is ICV Score?

ICV Score ranks potential suppliers of ADNOC calculated using documents submitted by them. They verify the documents against a checklist set by the ICV program. Each checklist point has its score calculated through a set formula. The total of all these points is the ICV score.

ICV score issued by several empanelled certified bodies in the UAE. It is done after the verification of financial statements by them. The score helps ADNOC make an informed decision by choosing a reliable and competent supplier.

Calculation of ICV scores

ICV scores are calculated by assessing the economic value added within the UAE by the company, according to a pre-defined method by ADNOC. The following information is taken into consideration when calculating a business’s ICV score:

  • Goods manufactured
  • Third-party spending
  • Investments
  • Emiratisation
  • Expatriate contribution
  • Bonus: Revenue from Outside the UAE, Emirati Headcount, and Investment Growth

How is the reliability of ICV scores ensured?

ADNOC needs to ensure that ICV scores are evidence-based and calculated according to the rules issued by it. The reliability is ensured by Independent certification bodies established by ADNOC to certify the information submitted by suppliers and issue ICV scores.