Aramco’s iktva project adds $130bn to Saudi Arabia’s GDP since launch: senior official
RIYADH: Saudi Aramco’s Kingdom Total Value Added Project has contributed more than SR488 million ($129.84 billion) to the Kingdom’s gross domestic product since its launch in 2015, a senior official has said.
The iktva program aims to develop a localized manufacturing sector and increase Saudi Arabia’s global competitiveness.
Speaking at the Local Content Forum in Riyadh on Sept. 5, Majid Al-Mohammed, iktva’s action plan and support supervisor, said the program is an extension of Saudi Aramco’s efforts to localize and develop local content.
“The iktva program has been progressive in several stages; starting with supporting merchants and suppliers of goods, then supporting service providers and moving on to manufacturers in the Kingdom,” Al-Mohammed said.
He also added that the iktva program aims to activate and support the economy and the supply chain in the energy sector.
Al-Mohammed further noted that Aramco’s supply chain workforce has grown by more than 100,000 Saudis.
He pointed out that after the launch of the iktva program, the Kingdom has seen a massive increase in potential local investment.
“The most important effect of the iktva program is the increase in the number of potential local investments to 500, with a capital of SR 26 billion. So far, 132 factories have been established in the Kingdom since the start of the program, which has contributed to adding SR 12 billion in addition to the national product,” he added.
He revealed that iktva has helped advance the skills of the Saudi workforce, launching 16 training centers in 10 different cities across the Kingdom to provide training in 60 different professions.
He added that more than 37,000 graduates have used these training centers, and this has also contributed to the creation of 100,000 jobs.
Al-Mohammed noted that more than 300 localization plans are currently being implemented, while the iktva program has also helped establish 132 factories in the Kingdom since its launch.