UAE’s ICV Program Adds USD 14.98 Billion to Local Economy | Push Digits Chartered Accountants

UAE’s ICV Program Adds USD 14.98 Billion to Local Economy

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UAE’s ICV Program Adds USD 14.98 Billion to Local Economy

In order to develop the competitive advantage of national products and services the government of UAE has started the ICV Program on all 45 federal government entities to promote and strengthen the local business.

The program is designed to redirect more than 42 percent of the contract expenses of major companies and government entities to the national economy. Through this program, the demand for Emirati services and products is anticipated to rise from the current AED33 billion ($8.99 billion) to AED55 billion ($14.98 billion) by the year 2025.It will also increase the number of approved suppliers to 7,300 companies.

The Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini said in a statement that they are hoping to get a direct positive impact in development of the efficiency of supply chains, and the development of local industries through this step. 

The Emirates Development Bank, under an agreement with the Ministry of Industry and Advanced Technology, will provide financing solutions to local suppliers and member companies in the program, to encourage them to obtain the ICV Certificate. It will, in a way, raise the demand for Emirati services and products.

According to the Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, this program will become a solution to the growing demand for efficient supply chains, and thus will increase the demand for Emirati products and services, attract more foreign direct investments to the industrial sector and will promote the capabilities of local suppliers.

Many well-known local companies have agreed to participate, after the implementation of the ICV program at the federal level. Some of them are; the Abu Dhabi National Oil Company (ADNOC), the Emirates Nuclear Energy Corporation, Aldar Properties, Mubadala, Emirates Telecommunications Company (Etisalat), Emirates Steel Company, Abu Dhabi National Energy Company (TAQA), Emirates Global Aluminium, the Abu Dhabi Department of Economic Development and the Sharjah Investment and Development Authority (Shurooq).

The certification process is very detailed yet easy to follow and implement for all the interested suppliers. Adnoc ICV certifying bodies also have step by step guide to review the documents and information produced by suppliers and certify them for ICV as per the set standards.

 

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