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Aramco signs US$7.2bn worth of agreements and launches digital company at iktva Forum


Aramco signed over 100 agreements and MoU’s, valued at around US$7.2bn 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

Major signings include:

Zoom: Strategic Partnership Agreement

Taulia Inc: Collaboration to implement supplier financing solutions

DHL: Intention to enter a definitive agreement to form a joint venture and offer procurement and supply chain services

Ministry of Investment of Saudi Arabia: Development and promotion of investment opportunities and the Regional Headquarters Program

Accenture: System Integration and Digital Solution Services

Hassana Investment Company: Establishment of a facility management national champion

Achilles: Development and localization of Environmental, Social, Governance (ESG) rating services

The forum, which runs from January 30 to February 2, is held under the theme of ‘Accelerating Future Success’. It highlights collective localisation efforts in key focus areas including Digital, Sustainability, Industrial and Manufacturing

The gathering provided a platform for the launch of Aramco Digital Company, a wholly owned subsidiary which aims to accelerate digital transformation within the Kingdom and the MENA region.

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 programme 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.”

Since inception of the iktva programme in 2015, 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. The programme achieved 63% local content in 2022, up from 35% in 2015, when iktva was originally launched.