(MENAFN- Saudi Press Agency) Dammam, January 24, 2022, SPA -- Prince Saud bin Nayef bin Abdulaziz Al-Saud, Governor of Eastern Region, inaugurated today the 6th edition of Total Value Add (iktva) Forum and Exhibition.
The inauguration ceremony was attended by Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy; Prince Ahmed bin Fahd Al Saud, Deputy Governor of the Eastern Region, and Chairman of Aramco's Board of Directors Yasir Othman Al-Rumayyan.
The Eastern Region Governor considered that the program of this 6th forum is one of the most important programs for promoting local content and localizing technology and industry, in addition to being a major contributor to the promotion and development of Saudi industries.
Aramco's supply chain resilience has been further enhanced by the signing of 50 new Memoranda of Understanding (MoUs) at iktva Forum and Exhibition. Progress in the Company's flagship business continuity initiative is being showcased at the three-day gathering, which runs from January 24 to 26 at Dhahran EXPO, in the Kingdom of Saudi Arabia.
The iktva program aims to drive domestic value creation, maximize long-term economic growth and diversification, and build a world-class supply chain that facilitates the development of a diverse, sustainable and a globally competitive energy sector in the Kingdom, at a time when global supply chains have been disrupted by the COVID-19 pandemic.
As a result of iktva, 59% of Aramco's spending in 2021 was directed to domestic suppliers, up from 35% in 2015 when the program was launched.
Held under the theme 'Paving the way to economic success', the iktva forum highlights how partnerships with some of the world's top energy, logistics, and manufacturing companies continue to enhance the domestic commercial ecosystem and enable the reliable supply of energy to the world.
The forum will also recognize the outstanding achievements of Aramco's program partners across 10 categories, which include overall iktva performance, training, Saudization, female representation, supplier development, and exports.
Aramco President and CEO Eng. Amin H. Nasser, said:“It wasn't possible to predict the pandemic, but iktva helped prepare us for the uncertainties it caused. Our investment in a diversified network of suppliers has helped us maintain a track record of reliability, despite the ongoing impact of COVID-19 on global supply chains. The iktva program continues to prove its value by contributing to an increasingly vibrant, dynamic and business-friendly environment in Saudi Arabia.”
The iktva program has helped establish a competitive industrial base, resulting in exports to more than 40 countries. Meanwhile, local content requirements embedded in thousands of contracts have contributed more than USD 100 billion to the national economy.
At the same time, iktva has attracted more than 540 investments to Saudi Arabia from 35 countries.
Innovation and sustainability are essential components of the iktva model, which embraces new technologies, encourages more efficient logistics networks and emphasizes the Circular Carbon Economy framework.
Cybersecurity is another program priority, ensuring both Aramco and its network of suppliers and contractors have robust protections in place to defend against emerging threats and safeguard business continuity.
--SPA
16:29 LOCAL TIME 13:29 GMT
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