ICV Certificate important update in Dubai, United Arab Emirates

 

ARC Associates National In-Country Value (ICV) Certificate  Dubai, UAE

What is the National ICV Certification? The National In-Country Value (ICV) program has been announced to be effective throughout all seven emirates by H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and Ruler of Dubai. It aims to:  1. Emiratisation: Creating additional employment opportunities for Emiratis in the private sector. 2. GDP Diversification: Supporting UAE GDP diversification by sourcing additional goods and services within the UAE. 3. Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.   Who needs the National ICV Certificate? Companies working directly or indirectly as sub-suppliers with government and semi-government departments are required to acquire the National ICV certificate, as 45 public entities and 13 major national institutions and companies joined the National ICV Program. Some of these entities are:    ADNOC Group Companies   Abu Dhabi Department of Economic Development   Tawazun Economic Council   Etisalat   Emirates Steel   Taqa   Etihad Rail   Emirates’ Defence Conglomerate Edge   Sharjah Investment and Development Authority (Shurooq)   UAE Cyber Security Council   MASDAR   Emirates Global Aluminium   Al DAR Properties   Mubadala   Abu Dhabi Developmental Holding Company   Emirates Nuclear Energy Corporation   Abu Dhabi Ports   Environment Agency Abu Dhabi   All Federal Government bodies   Etihad Airways By joining the ICV program, manufacturers, suppliers, large businesses, SMEs, entrepreneurs, and their foreign partners will have an opportunity to gain certain advantages, including:  Financial incentives from the Emirates Development Bank based on the ICV score you get: ICV Score 60% and above may qualify for up to a 20% reduction on the applied margin rate on term loans and working capital facilities, with the tenor extension of up to 12 months on term loans and up to 60 days on working capital. ICV scores between 40% and 60% may qualify for up to a 15% reduction in applied margin rate on term loans and working capital, with the tenor extension of up to nine months on term loans and up to 45 days on working capital. ICV scores between 20% and 40% may qualify for up to a 10% reduction in applied margin rate on term loans and working capital, with the tenor extension of up to six months on term loans and up to 30 days on working capital. ICV scores below 20% may qualify for EDB’s standard pricing and tenors for term loans and working capital. Greater business growth thanks to increased demand for local products. A greater chance of winning government contracts. Investment advantages to enhance exports through Etihad Credit Insurance. Benefit from productive efficiency development packages through advanced technology programs and Fourth Industrial Revolution solutions. Become partners in the localization of value chains within a favorable business environment for SMEs and entrepreneurs. Work in a favorable business environment that promotes the capabilities of local companies, their foreign partners, and their products and services. Secure new opportunities and attract talent and ideas from all over the world. Learn more ICV Profile   As an approved certifying body, ARC Associates assist you in obtaining your ICV certificate in the most effective and efficient way, of which we advise you on ways that will result in an increase in your ICV score. Our dedicated team of experts is experienced in issuing ICV certificates across various industries and can conduct the assignment remotely and onsite. Get ICV Certificate