ADNOC: GT listed as an ICV independent certifying body

Press Release

ADNOC: GT listed as an ICV independent certifying body

27 Dec 2020

ADNOC: GT listed as an ICV independent certifying body

The ICV Programme was launched in 2018 by the Abu Dhabi National Oil Company (ADNOC) to encourage and accelerate socio-economic development, to facilitate and improve knowledge transfer and to generate jobs in the private sector for UAE Nationals. Due to the programme’s success, it has expanded to other sectors including the government of Abu Dhabi represented by Abu Dhabi Department of Economic Development, Aldar Properties, Abu Dhabi Ports, Mubadala and Emirates Nuclear Energy Corporation (ENEC).

Today, over 4,200 suppliers from multiple sectors have been certified under the ICV Programme. The successful programme has driven more than AED 76 Billion back to the UAE economy and created over 2,000 job opportunities in the private sector for UAE Nationals.

In the ICV Programme, suppliers are evaluated on an annual basis by a third-party verification body. Grant Thornton has been appointed as an independent certifying body and is authorized to issue the ICV certification. A suppliers ICV rating will in turn form an integral part of the business transactions with the participating entities.

The evaluation will examine the capabilities of the business within the UAE in areas including:

• Local manufacturing
• Third party spending
• Local investment
• Emiratization of workforce
• Expatriate contribution

Grant Thornton on ICV

“As a company, we share the values of the ICV programme where we value and invest in the growth and prosperity of the UAE Economy. The programme is a fantastic initiative that promotes transparency whilst creating opportunities benefitting the UAE economy as a whole.  It is with great honour that Grant Thornton signs the MoU with the ICV participating entities and we are very much looking forward to future engagements,” said Samer Hijazi, Office Managing Partner of Grant Thornton Abu Dhabi.

Hisham Farouk, CEO of Grant Thornton UAE further stated “Grant Thornton has, a long legacy in the region and we support all initiatives that reimburse the growth of the UAE. As a firm, we strive on transparency and we aim to add value to entities who are focused on growth, building real value and to invest in innovative models for the future, hence this initiative is a natural progression for Grant Thornton to move with the prosperous future of the UAE."

Experts / Authors

Hisham Farouk

Hisham is the CEO of Grant Thornton UAE who has successfully led the firm’s offices in Dubai, Abu Dhabi and Sharjah for over 10 years. With a focus on innovation with exemplary leadership, he has played a key role in transforming the firm into one of the fastest growing companies in the UAE.

Samer Hijazi

Samer has extensive experience leading complex audit engagements for global investment banks, FTSE 100 banks, sovereign wealth funds, investment managers, international and local banks. He has directed the audit of financial services teams of clients that have multi-location operations, in Europe, Asia, Africa and the Middle East.