Aramco Chairman to SPA: iktva Program Attracts over 500 Investments in Saudi Arabia

Monday 1443/6/21 - 2022/01/24
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Dhahran, January 24, 2022, SPA -- Chairman of the Board of Directors of Saudi Aramco Yasir bin Othman Al-Rumayyan stressed that Aramco has several programs and initiatives that support the localization of technologies and production, where the company, through the In-Kingdom Total Value Add (iktva), seeks to increase investment, economic diversity and increase job opportunities inside the Kingdom of Saudi Arabia, where the localization program aims to localize 70% of the total expenditure, create a business environment that provides thousands of jobs and empower exports of the Saudi energy sector products.
In a statement to the Saudi Press Agency (SPA), on the sidelines of the iktva Forum that was inaugurated by the Governor of the Eastern Region, he said: “Since the establishment of the program in 2015, benefits accumulated in enhancing partnerships between local companies and their international leading counterparts, where these partnerships seek to enhance cooperation, alignment and overcome any operational challenges.”
He added that iktva program is based on a win-win approach, especially that it serves the needs of Aramco and its partners through facilitating the development of a diversified, sustainable and globally competitive energy sector, in addition to its role in establishing a supportive system to the comprehensive value chains that help companies work efficiently in the Kingdom of Saudi Arabia, referring to attracting more than 500 investments inside the Kingdom of Saudi Arabia so far with a capital value of around USD 7 billion, including more than 100 investments under operation that contribute to the GDP, benefit the economy and create thousands of new jobs.
As for iktva’s contributions, Al-Rumayyan said that the program offers several facilities in several aspects, such as providing training, developing skills, creating economic opportunities for big and small enterprises, encouraging various institutions to provide more compressive business environments, creating a system for the comprehensive value chains to help companies boost their status in the Kingdom of Saudi Arabia, building a global supply chain to serve our needs and the needs of our partners, and facilitating the development of a diversified and sustainable energy sector that can compete globally.
As for localization in the energy, oil and gas sector, he said that localization provides a huge opportunity to help reduce carbon footprint and then constructing a more sustainable energy sector.
The chairman stressed that iktva program will support the acceleration of the economic growth, enhance the supply chain through several partnerships with importers and investors to solve global challenges and provide credited and innovative energy for the world.
Aramco chairman concluded his statement by stressing that these achievements have added a true value to the Kingdom of Saudi Arabia, especially through contributing to the GDP, creating job opportunities and innovation, and Aramco’s benefit from developing a competitive energy sector that enhances its supply chain.
18:55 LOCAL TIME 15:55 GMT