UAE: Changing the Game Changer - Update on ADNOC's ICV
The Abu Dhabi National Oil Company (ADNOC) has announced its own localisation programme (In Coun-try Value or “ICV”) in November 2017, taking effect in April 2018. The aim of the procurement-led initi- ative is to localise suppliers, develop the UAE workforce (Emiratisation), and enhance critical functions in the oil & gas industry. In September 2018, significant changes have been announced to the ICV pro- gram, in particular to the ICV formula, the improvement plan (including its enforcement) and the overall award strategy. The changes will take effect in November 2018. This legal briefing gives an overview of the recent changes to the ICV program and other relevant developments.