7th iktva witnesses signing of $7.2bn worth deal; launch of Aramco Digital Company

By Arya M Nair, Official Reporter
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Aramco digital company launched at iktva
Image Courtesy; Aramco

Saudi national oil company, Aramco has signed over 100 agreements and MoUs, valued at around $7.2 billion to help advance a diverse, sustainable and globally competitive industrial ecosystem at the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition.

The program achieved 63 percent local content in 2022, up from 35 percent in 2015, when iktva was originally launched.

The forum, which runs from January 30 to February 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. The first day of the event attracted more than 10,000 visitors and the exhibition space included more than 290 companies.

Ahmad A Al-Sa’adi_Aramco launches Digital Company at iktva
Ahmad A Al-Sa’adi
Executive VP
Technical Services

“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 gathering also witnessed the launch of Aramco Digital Company, a wholly-owned subsidiary, which aims to accelerate digital transformation within the Kingdom and the MENA region.

The iktva program encourages the establishment of regional headquarters in the Kingdom. Since its inception, more than 150 investments have been made in Kingdom including products manufactured for the first time in Saudi Arabia. The company has also established 16 national training centers (NTCs) in 10 cities, covering more than 60 trades. To date, they have graduated more than 48,000 Saudi nationals.

Related: Aramco awards upgradation of sulfur recovery facilities to Technip