Saudi Aramco’s In-Kingdom Total Value Add (iktva) Forum 2016 to showcase, recognize companies in boosting Kingdom localization efforts

  • Forum will highlight major localization initiative and its benefits to Saudi Arabia’s economy.
  • Saudi Aramco CEO Nasser: iktva demonstrates Saudi Aramco’s key role as an engine of the Kingdom’s development, and is closely aligned with Saudi Vision 2030.
  • IKTVA awards to recognize supplier excellence and commitment to value creation in the Kingdom.

Saudi Aramco will host the second iktva Forum 2016 on December 14, 2016 in Dammam, Saudi Arabia, commemorating the one year anniversary of launching its localization initiative, the In-Kingdom Total Value Add Program (IKTVA).

The event will provide an opportunity for two-way dialogue between the company and its key and strategic suppliers. Saudi Aramco will share its vision for the future of the energy sector with an update on major projects and initiatives that support iktva, such as local manufacturing, training and development, and attracting increased investment to the Kingdom.

Saudi Aramco President & CEO Amin H. Nasser said: “iktva forum 2016 will mark a major milestone in the trajectory to accelerate localization amongst Saudi Aramco’s supplier community. Iktva 2016 will provide a clear path towards a diversified and sustainable Saudi energy sector as envisioned by Saudi Vision 2030. Through a collaborative win-win approach with the private sector, distinguished suppliers and service providers are recognized with Saudi Aramco iktva Excellence Awards. Our aim is to enable tangible opportunities in engineering, manufacturing, innovation, technology, human capital development, job creation and also serve to strengthen the culture of entrepreneurship in the Kingdom.”

The event will also include the first annual iktva Excellence Awards which will be presented in recognition of the most significant commitment, investment, and progress in localization. Abdulaziz AbdulKarim, Vice President Procurement & Supply Chain Management said: “The forum will recognize excellence and commitment to value creation in the Kingdom by eligible suppliers from within its network as demonstrated in five categories to honor those suppliers’ success and commitment towards localization, local workface development and value creation.”

Saudi Aramco launched its iktva program in December 2015, systematizing local value creation efforts in partnership with its supplier network. The program drives towards three critical objectives: double the percentage of locally-produced energy-related goods and services to 70% by 2021; export 30% of the total domestic energy goods and services produced in the Kingdom over the same time frame; and create thousands of direct and in-direct jobs for Saudis across growing industries over the long-term.