In-Country Value (ICV)
ICV is defined as the total spend retained in country that benefits business development, contributes to human capability development and stimulates productivity in Oman’s economy.
- GDP Growth: Supporting GDP growth through sourcing more goods and services within Abu Dhabi, increasing foreign direct investment in Abu Dhabi and increasing the private sector and SME’s contribution to the GDP;
- Human Capital Development: Creating additional employment opportunities for Emiratis in the private sector and developing the skills of the local workforce;
- Technology Adoption: Increasing spending on research and development (R&D), increasing competitiveness of the national industries, increasing technology development and use.
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.