Aramco Signs Agreements Worth $7.2B at 7th Iktva Forum

Aramco Signs Agreements Worth $7.2B at 7th Iktva Forum
Aramco President & CEO, Amin H. Nasser addresses the 7th iktva Forum and Exhibition. (Image courtesy of Aramco)

At the 7th In-Kingdom Total Value Add (iktva) Forum and Exhibition, Aramco inked more than 100 agreements and memorandums of understanding (MoUs) worth over $7.2 billion to support the development of a varied, sustainable, and globally competitive industrial environment. In 2022, the program included 63% local content, up from 35% in 2015 when iktva was first introduced.

The forum, which takes place from January 30 to February 2, has “Accelerating Future Success” as its topic. It showcases group localization initiatives in crucial focal areas like manufacturing, sustainability, industrialization, and digitalization. More than 10,000 people attended the event’s opening day, and more than 290 companies had booths there.

The event, was held under the patronage Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, and was attended by Minister of Energy Abdulaziz bin Salman bin Abdulaziz.

The event served as a venue for the introduction of Aramco Digital Company, a fully owned subsidiary with the mission of accelerating the digital transformation of the Kingdom and the MENA region.

Ahmad A. Al-Sa’adi, Aramco Executive Vice President of Technical Services, said: “The local supplier ecosystem is a top priority for Aramco as well as a major contributor to the Kingdom’s economy. Through this mega program we are helping to create a culture of innovation and provide high quality jobs for our growing population. The launch of Aramco Digital Company is a great example of such innovation in action, providing state-of-the-art AI and emerging technology expertise in a vital sector of the economy.”

The iktva program promotes the creation of regional administrative centers within the Kingdom. More than 150 investments have been made in the Kingdom since its creation, including ones for the first Saudi Arabian-produced goods. Additionally, 16 national training centers (NTCs) spanning more than 60 trades have been established by the corporation in ten cities. More than 48,000 Saudi nationals have graduated from their programs so far.


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