Riyadh, Saudi Arabia–Aramco has signed more than 100 agreements and Memorandums of Understanding valued at around $7.2 billion to help advance an industrial ecosystem at the seventh edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition.
The agreements were signed with Zoom, Taulia Inc, DHL, Ministry of Investment of Saudi Arabia, Accenture, Hassana Investment Company and Achilles among others.
The iktva program has achieved 63 percent local content in 2022, up from 35 percent in 2015, when iktva was launched, the Saudi oil giant said in a statement.
The forum, which runs from Jan 30 to Feb 2, is held under the theme of ‘Accelerating Future Success’. It highlights collective localization efforts in key focus areas including digital, sustainability, industrial and manufacturing.
Aramco Digital Company, a wholly owned Aramco subsidiary which aims to accelerate digital transformation within the kingdom and the MENA region, was launched at the forum that attracted more than 10,000 visitors on the first day and witnessed participation by more than 290 companies in the exhibition space.
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 encourages the establishment of regional headquarters in the kingdom. Since inception, more than 150 investments have been made in Saudi Arabia, including products manufactured for the first time in Saudi Arabia.