National In-Country Value (ICV) Programme – Recent Developments in Local Content Requirements in the UAE
The Abu Dhabi National Oil Company (ADNOC) had launched its localisation programme (In-Country Value – ICV) in late 2017, which came into effect in 2018 (ICV 1.0). The first round of revisions came into force in November 2018 (ICV 2.0). The third version of the ICV formula (ICV 3.0) took effect in May 2020. At the end of 2019, Abu Dhabi Ports and Aldar Properties had announced that they would follow the ICV program. The Abu Dhabi Department of Economic Development (ADDED), which had previously soft-launched its localisation scheme (Abu Dhabi Value), followed this development in early 2020. In September 2021, the Ministry of Industry and Advanced Technology (MoIAT) took over the ICV programme, rolling it out as the National ICV Programme, with Etisalat, Emirates Steel and TAQA Group joining the programme.
– Programme History
– Formula (ICV 3.0)
2. Recent Developments
– Ministry of Industry and Advanced Technology
– New Players (Etisalat, Emirates Steel & TAQA Group)
3. Outlook & Conclusion