Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) signed 145 agreements and memoranda of understanding (MoUs) valued at around $9 billion, according to a press release.
This came on the sidelines of the In-Kingdom Total Value Add (iktva) Forum and Exhibition 2025.
The agreements and MoUs are expected to boost the localisation of goods and services in Saudi Arabia.
The first day of the event witnessed an announcement that ASMO, a joint venture between Saudi Aramco Development Company and DHL, had commenced operations in Riyadh to redefine the procurement and supply chain landscape in the MENA region.
The conference currently is taking place during 13-16 January under the theme of “Ecosystem of Opportunities”.
Aramco’s iktva score within its procurement of goods and services increased to 67% in 2024 from 35% in 2015.
Wail Al Jaafari, Aramco Executive Vice President of Technical Services, said: “Since its launch in 2015, iktva has set new standards by creating best-in-class infrastructure, streamlining business processes, creating new opportunities, and building a world-class supply chain.”
The programme aims to achieve a 70% iktva score, while increasing exports of locally manufactured goods and services and creating direct and indirect jobs for young Saudi citizens.
As part of the iktva programme, 210 localisation opportunities have been secured across 12 sectors, with an estimated annual market size of $28 billion.
In February 2024, Aramco inked 40 purchase deals worth $6 billion in line with the company's IKTVA programme.
