Mubadala

A Guide for Suppliers:

ICV Certification Requirements

As a responsible investor, Mubadala is committed to leaving a positive and lasting impact on the communities where we deploy capital. With this in mind, we are proud members of the national ICV program to ensure that we continue to create sustainable value for the local economy while supporting its diversification and growth.

We invite current and potential suppliers to familiarize themselves with the relevant policies and procedures as required by the national ICV program that will facilitate its implementation and contribute to achieving national value requirements in a manner that complies with wider Mubadala Group strategies.

Frequently Asked Questions

  • What is the National In-Country Value Program (ICV)?  

    The National In-Country Value Program (ICV) is a procurement-led initiative to promote sustainable growth and development of the UAE’s economy and create opportunities for the development and growth of UAE nationals.

  • Who will benefit from this? 

    The ICV program is designed to create deep social and commercial benefits. It will promote GDP diversification, create job opportunities for UAE nationals in the private sector, and provide local businesses with more opportunities to participate in Mubadala’s contracts and purchases. As such, everyone in the country will benefit from the program.

  • How do I obtain an ICV certification? 

    ICV Certificates can be issued only by the empaneled Certifying Bodies. Suppliers should approach one of the Certifying Bodies to obtain their ICV certificate, who will request certain documents and details for their review, to issue the ICV certificate.

  • What are the ICV certificate requirements? 

    The foremost requirement to obtain a ICV certificate is International Financial Reporting Standards (IFRS) compliant audited financial statements issued by a Ministry of Economy licensed auditor. In addition, suppliers should submit a duly filled supplier submission template to the Certifying Bodies for verification.

  • Which companies can obtain an ICV Certificate? 

    All companies in any industry can obtain ICV certificate whether they are SMEs or large, Free zone or mainland, industrial or commercial, subject to the ICV certification requirements.

  • Will suppliers who previously obtained an ICV certificate at a local level be able to use it at the national level? 

    Yes, they can.

  • How can a start-up entity obtain a certificate if it does not have audited financial statements? 

    For newly established entities (less than 10 months old), who do not have audited financial statements, the management accounts for a period of up to 9 months can be used for ICV calculations. Management accounts for a period greater than 9 months will be required to be audited.

  • How much time and cost will it take to get the program certificate? 

    The time and cost needed to process the application varies based on the nature of each supplier. It depends on:

    • The size of the company (small, medium, and large) in terms of number of employees and annual revenue.

    • The company's readiness to provide the required documents to the certification.

    • Nature of the Business - industrial or commercial

    Once all the required documents are submitted, the application will be processed.

  • Can ICV be issued based on consolidated audited financials, if the company does not have stand-alone financials? 

    Consolidated audited financials can be accepted. However, the supplier must provide a bifurcated Management accounts and ICV will be issued based on the bifurcated management accounts of the entity for which ICV certificate is required.

  • Can a company obtain one consolidated certificate for its branches?  

    A separate ICV Certificate is required for each legal entity. Furthermore, operations of the branches in any of the other emirates will be excluded for the purpose of ICV and only branches in the same Emirate with identical activities and under the same ownership as mentioned on the licenses are eligible for one combined ICV certificate.

  • How often will suppliers be required to renew their ICV certificate?  

    Each ICV Certificate is valid for 14 months from the date of issuance of the audited financial statements (date of signing the audited financial statements).

  • Is there a specific score that an entity needs to reach to obtain a certificate? 

    There is no minimum score for the issuance of the certificate. The score is evaluated based on audited financial statements.

  • How does the program impact existing tenders? 

    There would be no change for the existing tenders upon the launch of the program. It means that all the terms and conditions will remain the same till the validity of the existing contract.

  • Can a supplier participate in the tender if they do not have the ICV certificate? 

    Non-ICV certified submissions will be received but will not be processed unless MIC approves the submission.