Saudi Aramco recently hosted a symposium in Paris to promote its In-Kingdom Total Value Add (IKTVA) program, a corporate initiative to increase the localization of goods and services into the Kingdom of Saudi Arabia.
Hosted by Saudi Aramco’s European affiliate Aramco Overseas Company (AOC), the “Aramco Sourcing & Localization Symposium,” attracted over 215 participants, representing 140 prequalified suppliers from 20 European countries. The companies covered several business and industrial sectors, including energy, manufacturing, construction, marine, and training.
Fahad AbdulKareem, AOC President, highlighted that prequalified European suppliers were invited to invest in the Kingdom considering the opportunities of the private sector growth in Saudi Arabia. The symposium also aimed to source new partnerships to the company’s slate of future capital projects.
The symposium was an opportunity to discuss the investment plans of more than 25 companies who are aiming to establish their manufacturing presence in Saudi Arabia by 2017, in addition to 30 service contractors who intend to participate in future Saudi Aramco projects.
AbdulKareem said: “Through the partnerships we developed at the Symposium, we are driving localization and economic diversification in the Kingdom to create new job opportunities and industries as our contribution to Saudi Vision 2030.”
Nassir Al-Yami, Saudi Aramco Manager of Industrial Development and Strategic Supply Department, said that “the overall interest and feasibility studies of new investment plans submitted by European companies reflect the strong market opportunity and sound business environment the Kingdom provides to European investors.”
Several Saudi government entities participated in the symposium, including representatives from Saudi Arabian General Investment Authority (SAGIA), Saudi Industrial Development Fund (SIFD), Human Resources Development Fund (HRDF), and Saudi Industrial Property Authority (MODON).