Saudi Aramco closes deals worth USD9B in opening day of iktva forum
Date
1/14/2025 1:59:18 AM
(MENAFN) On the inaugural day of the In-Kingdom Total Value Add Forum and Exhibition 2025, Saudi Aramco has closed 145 deals and memorandums of understanding (MoUs) valued at a projected USD9 billion.
These agreements are likely to enhance the localization of products and services for the Saudi Arabian market, boosting regional content in the supply chain and adopting cooperation.
The deals are in line with the fundamental goals of iktva, which intend to improve supply chain efficiency and enhance value throughout Saudi Aramco’s operations.
By enhancing local content, the program assists in creating a more varied and spirited energy industry in Saudi Arabia. It backs the strategic objective of holding 70 percent of procurement spending within the kingdom as well, providing direct benefits to regional businesses
On its opening day, the event showcased 210 localization opportunities spanning 12 sectors, with a total annual market value of USD28 billion. These opportunities are viewed as crucial for fostering long-term industrial growth and reducing dependence on imports.
During the event, Saudi Aramco President and CEO Amin Nasser highlighted the company's progress, noting that Aramco's local content score for procurement of goods and services reached 67 percent in 2024, a significant increase from 35 percent in 2015.
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