Success Stories of Businesses That Achieved ICV Certification
ICV certification has recently become one of the most sought-after legal documents in the UAE. Companies seek effective strategies to gain an edge in the UAE’s competitive market.
In Country Value Certificate not only gives you a competitive edge but also allows you to increase your score to maintain your edge over a long period.
The ICV certificate is a win-win situation for the companies operating in the UAE and the government. To get an ICV certificate, the companies procure more raw materials for their business locally, hire more Emiratis in their workforce, and invest their money in the industry’s research and development.
Let’s talk about the win-win situation.
When companies hire more nationals, they create job opportunities and train people with new and advanced skills needed in the industry. Sourcing raw materials locally provides small businesses more work opportunities and boosts their sales and revenue.
Lastly, the investment in research and development allows the government to make the UAE market more efficient, advanced, and less reliant on oil and gas, creating a winning scenario for the government from all sides.
Companies can secure bigger government projects, gain market recognition, enjoy international import/export opportunities, and increase their business scale, revenue, and profits multiple fold.
In this article, we will discuss the success stories of companies that have achieved the ICV certificate, retained their competitive edge, and reaped the benefits.
What is the ICV Certification Program?
The ICV program was initiated by the Abu Dhabi National Oil Company (ADNOC) to diversify the economy of the country and make it less reliant on the gas and oil industry.
Given its success, the Ministry of Industry and Advanced Technology (MoIAT) decided to roll it out on a national scale.
The objectives of the ICV program were as follows
- Encouraging businesses to invest in the UAE economy by increasing local procurement and supporting domestic industries.
- Create more job opportunities for Emirati nationals, ensuring a strong and sustainable workforce for the future.
- Reducing dependency on imports and promoting locally produced goods and services.
To obtain an ICV certificate, businesses must:
- Undergo an independent audit by an authorized body.
- Demonstrate contribution to the UAE economy, including:
- Hiring and training Emiratis
- Investing in local infrastructure
- Procuring local goods and services
Upon meeting these criteria, companies receive an ICV score, improving their eligibility for government tenders.
How to Improve Your ICV Score
Businesses can enhance their ICV score by:
- Focusing more on local procurement and supplier partnerships
- Increasing Emiratization through hiring and training
- Investing in infrastructure and capital to reduce import reliance
- Implementing sustainability initiatives to align with the UAE’s green energy goals
Success Story 1: ADNOC’s ICV Program Impact
Did you know that since the big launch of the ICV program, ADNOC has reinvested over AED 187 billion ($51 billion) back into the local economy?
This money has helped develop local businesses, strengthen supply chains, and boost industries.
One of the biggest achievements has been job creation. The program led to over 11,500 Emiratis getting jobs in the private sector. ADNOC hired and trained more UAE nationals, assisted them in building careers and gaining the necessary skills. This move increased employment and the local workforce.
While ADNOC is in the oil and gas sector, its ICV program went above and beyond. Other industries also started to follow the same successful model and applied it to manufacturing, technology, and even healthcare. The idea of keeping investments and spending within the UAE became a standard practice, influencing businesses beyond ADNOC.
Success Story 2: GMA Garnet Group – A Case of Industrial Growth
GMA Garnet Group got its ICV certification in 2018, and that move changed everything. Being certified made them stand out as a trusted supplier in the UAE market.
It showed they were committed to the country’s economy, which helped them gain credibility and recognition. With the ICV certification, GMA Garnet Group saw a huge boost in business opportunities.
More UAE-based companies were interested in working with them; ICV’s competitive edge allowed the company to enjoy multiple contracts, stronger partnerships, and steady regional growth.
Another factor was the GMA Garnet Group’s sustainability and economic contribution. The company increased its local production and exports and reduced its dependence on imports.
By reinvesting in UAE-based operations, GMA Garnet Group created more job vacancies for nationals and improved supply chain development. Its focus on eco-friendly practices made the company an even bigger attraction for government and private-sector contracts.
Success Story 3: ADCB (Abu Dhabi Commercial Bank)
In a sector where ICV certification isn’t the first thing that comes to mind, ADCB proved that even banks can leverage it for success. With an impressive 70.1% ICV score, the bank established a benchmark for how financial institutions can contribute to the UAE’s economic vision.
Traditionally, ICV has been associated with industries like oil, gas, and manufacturing, but ADCB’s certification showed that the financial sector can also adapt by focusing on local investments, Emirati employment, and business development within the UAE.
By embracing ICV, ADCB aligned itself with the country’s national economic goals. The bank improved its local operations, supported local businesses, and hired more Emirati workforce. This enhanced its reputation and positioned it as a key player in the UAE’s economic growth.
Success Story 4: Emirates Nuclear Energy Corporation (ENEC)
The Emirates Nuclear Energy Corporation (ENEC) shows how investing locally boosts the economy. By following ICV principles, ENEC has awarded over AED 17.5 billion in contracts to more than 2,000 local businesses, helping to create jobs and strengthen supply chains.
More than just numbers, ENEC is driving UAE’s economic growth by supporting local suppliers and industries. This not only keeps businesses competitive but also helps the country become more self-sufficient and diverse in its economy.
National ICV Program – Expanding Opportunities
What started as a localized initiative to diversify the country’s economy has now transformed multiple sectors in the UAE industry. From construction and manufacturing to banking and beyond, the National ICV Program has reinvested over AED 180 billion to local suppliers, driving growth across industries.
Key Takeaways from These Success Stories
By expanding its impact, the ICV program strengthens local supply chains and supports long-term economic growth, creating new opportunities for businesses across the UAE.
ICV certification can set you apart from the competition in the market and make you stand out in the government tenders, because businesses that achieve ICV certification have shown to gain an edge, secure more government contracts, and actively contribute to the UAE’s economy.
By sourcing material locally, training more Emirati employees, and investing in the growth of the economy and infrastructure, companies can improve their In-country value certificate score and gain a substantial competitive advantage amongst their competitors.
Conclusion
Now is the time to take the next step! Unlock the business growth opportunities and gain that much needed competitive advantage. Professional advisers at ADEPTS guide and simplify the ICV certification process for you so you can achieve the best results.
Contact us today, and let’s build a thriving future together!
