Aldar's ICV Program: Enhancing Local Value

ALDAR has implemented the Unified In-Country Value (ICV) program with the objective of growing and diversifying the UAE’s economy while creating opportunities for the private sector. The program will enhance localization measures in the UAE, improve transparency, create jobs, and accelerate the private sector’s contribution to economic development of the UAE.

The launch of the program for the existing supplier means that there would be no change and all the terms and conditions remain same till the validity of the existing contract. However, a new potential supplier needs to obtain the latest ICV certificate to participate in the tender with ALDAR.

Suppliers should approach the ALDAR appointed certification agency for ICV certification. Please contact the ICV team for the latest certifying body list. All required documentation and details that are required by the certifier must be provided by the supplier for the purpose of review and verification.

As a starting point, you will need audited financial statements based on International Financial Reporting Standards (IFRS). The audit must be carried out by a licensed auditor from Ministry of Economy.

Starting from 03rd May 2020, all tenders/contracts/agreements will need to have a unified ICV certificate (version 3.0). The suppliers would be evaluated based on their unified ICV score and will form part of the procurement process. The unified ICV certificate can be submitted with the Expression of Interest (EOI) or as requested.

Suppliers will be expected to renew their ICV certificates on an annual basis or as required.

Suppliers that do not have an ICV certification can still participate in all the ALDAR tenders.

For newly established entities (less than 10 months old), who do not have audited financial statements, the Management Accounts for a period of up to 9 months can be used for ICV calculations. Any management accounts greater than 9 months will be required to be audited.

No, separate ICV Certificate is required for each legal entity. Furthermore, operations of the branches in any of the other emirates will need to be excluded for the purpose of ICV. For example, a company having head office in Abu Dhabi and a branch in Dubai will need to separate figures for the head office and the branch and separate ICVs will be issued for Abu Dhabi and Dubai. Branches in the same Emirate with identical activities and ownership listed on the licenses are eligible for one combined ICV certificate.

For more information, please contact the ICV team on +971 2 810 5958 or by email icv@aldar.com