Saudi Aramco has launched its annual flagship localisation event, the iktva SMEs Forum and Exhibition 2017, aiming to set of more than 140 investment opportunities in several industrial and business sectors across the Saudi Arabian energy sector
Amin H Nasser, president and CEO of Saudi Aramco, highlighted the importance of small and medium-sized enterprises (SMEs) in driving value creation and innovation in the localisation process.
He said, “SMEs are the engine of innovation for economic growth and development. They have the agility, the know-how, the market expertise, and the products the oil and gas industry requires.”
In spite of that, SMEs currently contribute 20 per cent to the country’s GDP, which is less than half of industrialised economies. That is why Saudi Vision 2030 recognises the huge potential of SMEs, and has set an initial target of moving their contribution to 35 per cent.
Nasser said that the two-day forum aimed at providing a platform for companies interested in establishing operations in Saudi Arabia to engage with the Kingdom’s energy sector stakeholders and their major suppliers.
The workshops and seminars were attended by executives and experts from several leading energy sector companies from Saudi Arabia and around the world, active in oilfield services, oilfield equipment, chemicals, piping, investment and funding firms and general manufacturing and related services.
The conference discussed on the opportunities in doing business in Saudi Arabia, mastering innovation, incubators and ready-made factories, iktva overview for SMEs, Saudi Aramco’s supplier registration process, implications for the Saudi energy sector, investment and funding for SMEs, digital procurement and local workforce development.
In addition, the workshops showcased investment opportunities for the localisation of specific equipment or services within the Saudi Arabian energy sector and provided details of the opportunity, anticipated market size, sources of demand and high-level technical requirements needed to close the supply chain gap.
