Aramco’s iktva project adds $130bn to Saudi Arabia’s GDP since launch: top official
RIYADH: Saudi Aramco’s In-Kingdom Total Value Add project has contributed more than SR488 million ($129.84 billion) to the Kingdom’s gross domestic product since its launch in 2015, a top official said.
The iktva program aims to grow a localized manufacturing sector and increase Saudi Arabia’s global competitiveness.
While speaking at the Local Content Forum in Riyadh on Sept. 5, Majid Al-Mohammed, supervisor of iktva’s Action Plan and Support, said the program is an extension of Saudi Aramco’s efforts to localize and develop local content.
“The iktva program has been gradual in several stages; starting with supporting merchants and suppliers of goods, then supporting service providers and moving to support manufacturers in the Kingdom,” said Al-Mohammed.
He also added that the iktva program aims to enable and sustain the economy and supply chain in the energy sector.
Al-Mohammed further noted that the workforce in the Aramco supply chain has increased by more than 100,000 Saudis.
He pointed out that post the iktva program’s launch, the Kingdom witnessed a massive rise in prospective local investments.
“The most important effect of the iktva program is the increase in the number of prospective local investments to 500, with a capital of SR26 billion. So far, 132 factories have been established in the Kingdom since the start of the program, which contributed to adding SR12 billion in addition to the domestic product,” he further added.
He revealed that iktva has been contributing to advancing the skills of the Saudi workforce, as it launched 16 training centers in 10 different cities around the Kingdom to provide training in 60 different professions.
He added that over 37,000 graduates have made use of these training centers, and it also helped in creating 100,000 jobs.
Al-Mohammed noted that over 300 localization plans are currently under implementation, while the iktva program also helped establish 132 factories in the Kingdom since its launch.