UAE: ICV and its Impact on Doing Business with ADNOC
Similar to Saudi Aramco’s “In Kingdom Total Value Add” (“IKTVA”) programme the Abu Dhabi National Oil Company (ADNOC) has introduced its own localisation programme: In Country Value or “ICV”. The procurement-led initiative aims at localising suppliers, developing UAE Nationals (Emiratisation), and critical functions in the oil & gas industry. Investors engaging in business with ADNOC will need to famil- iarise themselves with the ICV programme. The following legal briefing shall give an overview of the effects and possible solutions.