The National In-Country Value (ICV) Program is a UAE government program that aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy.
In-country value (ICV) allows us to create local supply chains that allow small and medium-sized enterprises (SMEs) to flourish, upskill and train local workforces, and implement community programmes that leave a positive and lasting impact beyond the assets we build and operate.
As part of “Projects of the 50”, the UAE government has launched the In-Country Value Program (ICV) on a federal level, which will be implemented under the supervision of the Ministry of Industry & Advanced Technology, contributing to increased demand on local goods and services, promoting local capabilities and attracting foreign direct investment towards the local industrial sector. The ICV program witnessed great success since it’s launch in the emirate of Abu Dhabi in 2018.
It is important to note that ICV is evolving and will continue to evolve. The ICV in the UAE is in its third version. Interesting to note that whilst it does not impact upon the ICV score, the CSR activities of suppliers within the UAE are captured in the ICV documentation and there are clear definitions of the corporate structure of suppliers. This sets the landscape that the essence of doing business in the Middle East region is more of a long-term relationship that benefits all stakeholders. It is also tempting to look at the ICV score in absolute terms as they stand today, but really this is a journey within a partnership between suppliers and the respective countries to improve the ICV score, enhancing the economic sustainability of the Middle East region.