UAE : Service Providers and ICV
The Abu Dhabi National Oil Company (ADNOC) has implemented its localisation program (In CountryValue or “ICV”) in November 2017, taking effect in April 2018. In September 2018 major changes were announced (formula and improvement plan), which took full effect in November 2018. Recently, ADNOC announced that its ICV spend for 2018 will amount to over AED 18 billion (approx. EUR 4.3 billion). As the ICV obligations get passed down the supply chain, the pressure for suppliers and service providers to show a significant ICV score increases steadily. This legal briefing gives an overview of the respective pitfalls service providers face in light of the ICV requirements.