Saudi Aramco inked over 100 agreements and Memorandums of Understanding (MOUs) worth around $7.2B to assist promote industry and manufacturing in the Kingdom. The agreements, which include big collaborations with Zoom, DHL, Taulia, and Accenture, are part of an effort to improve manufacturing and industry. The agreements were inked by Saudi Aramco on the side-lines of the In-Kingdom Total Value Add (iktva) Forum and Exhibition.
In 2022, the programme attained 63% local content, up from 35% in 2015, when iktva was first introduced. The forum’s topic is “Accelerating Future Success,” and it will be there from January 30 to February 2. It emphasizes collaborative localisation efforts in major emphasis areas such as digital, sustainability, industrial, and manufacturing.
The first day of the event drew over 10,000 guests, and the display hall housed over 290 firms. The ceremony, which was hosted by Governor of the Eastern Province Prince Saud bin Nayef bin Abdulaziz, was also attended by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. The event served as a launch pad for Aramco Digital Company, a fully owned company aimed at accelerating digital transformation in the Kingdom and the MENA region.
“The local supplier ecosystem is a high priority for Aramco as well as a major contributor to the Kingdom’s economy,” said Ahmad A. Al-Sa’adi, Aramco Executive Vice President of Technical Services. “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,” according to Arabian Business.
The iktva initiative promotes regional headquarters to be established in the Kingdom. More than 150 investments have been made in the Kingdom since its foundation, including goods created for the first time in Saudi Arabia. In addition, the business has developed 16 national training centres (NTCs) in 10 locations, encompassing over 60 trades. They have graduated over 48,000 Saudi citizens to date. Major signings include:
1. Zoom: Strategic Partnership Agreement
2. Taulia Inc: Collaboration to implement supplier financing solutions
3. DHL: Intention to enter a definitive agreement to form a joint venture and offer procurement and supply chain services
4. Ministry of Investment of Saudi Arabia: Development and promotion of investment opportunities and the Regional Headquarters Program
5. Accenture: System Integration and Digital Solution Services
6. Hassana Investment Company: Establishment of a facility management national champion
7. Achilles: Development and localization of Environmental, Social, Governance (ESG) rating services
