Aramco Proposes 50 Investment Opportunities at IKTVA Forum

Aramco Proposes 50 Investment Opportunities at IKTVA Forum

Wednesday, 21 November, 2018 - 10:45
The In-Kingdom Total Value Add (IKTVA) forum in December 2016. (IKTVA)
Al-Dammam - Asharq Al-Awsat
Saudi Aramco is expected to announce 50 investment opportunities during its 4th annual forum for the In-Kingdom Total Value Add (IKTVA) program on November 26-27 at the Dhahran Expo Center in Dammam.

This year’s forum is expected to host more than 3,000 participants from over 40 countries, including new and veteran investors, suppliers and service providers.

IKTVA seeks to develop a reliable, sustainable supply chain capable of sourcing 70 percent of its energy sector materials and services requirements locally by the year 2021.

By 2030, the program also aims to establish 30 training centers helping 360,000 highly skilled graduates take on the jobs of the future.

Aramco’s vice president of Procurement and Supply Chain Management, Mohammad al-Shammary indicated that key objectives are creating quality jobs, building a well-trained workforce and stimulating economic growth, however, localization is ultimately about sustainability.

“Sourcing Saudi Aramco’s value chain in our own backyard is a strategic move for greater integration and agility, with business benefits that dramatically multiply our contribution to the Kingdom’s long-term prosperity, in addition to being a win for our global suppliers, SMEs, manufacturers and service providers,” he also indicated.

During the forum, more than 50 supply chain investment opportunities will be promoted, as well as, multiple seminars focusing on how to do business in Saudi Arabia and with Aramco.

IKTVA is enriched by an exhibition of local and international companies along with industrial parks and government entities.

The 2018 IKTVA Forum & Exhibition is the leading global energy supply-chain event, hosting a diverse range of industry sectors both local and international, large and small. Over the past four years, large companies and SMEs have partnered with Aramco to build a world-class, competitive energy sector.

Aramco designed IKTVA to make the Saudi energy sector globally competitive by localizing goods and services, creating direct and indirect jobs for citizens and increasing the Kingdom’s export of energy-related goods and services by 30 percent.

The program falls within the strategic initiative framework of the National Transformation Program (NTP) intended to amplify efforts by the company’s suppliers in driving local goods and services investments, delivering workforce development and technology transfer, and fostering R&D while providing partners with opportunities for expansion.

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