Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program has boosted the localization of Saudi economy from 35 percent in 2015 to 50 percent in 2018 through the set-up and expansion of over 600 facilities.
The procurement of commodities from Saudi Arabia has also doubled, Mohammad Al-Shammary, vice president of procurement & supply chain management, told Al-Arabiya TV.
“The program enhances the value-added of the supply and industrial sectors. It also boosts the local content in the Kingdom’s products,” Al-Shammary said.
The state-run oil producer’s fourth annual forum for IKTVA program, to be held on November 26-27, will provide 50 investment opportunities worth SAR 13 billion.
A total of 3,000 participants as well as 1,000 local and foreign companies will attend the event, he added.
IKTVA localization initiative was launched in 2015 by Saudi Aramco, Argaam earlier reported.
It is designed to locally source the company’s massive supply chain through incentivizing investment by international and local equipment and service providers, and small and medium enterprises (SMEs).
The program aims at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.
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