Iktva Forum & Exhibition
Aramco signs 145 agreements and MoUs worth an estimated $9 billion at iktva Forum & Exhibition 2025
ASMO JV announces start of operations, and two strategic manufacturing facilities, Novel and NMDC, are inaugurated.
Aramco today signed 145 agreements and Memorandums of Understanding (MoUs) valued at approximately $9 billion at the In-Kingdom Total Value Add (iktva) Forum & Exhibition 2025. The agreements and MoUs are expected to advance the localization of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration.
The first day of the event featured 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 Middle East-North Africa region.
In addition, the Novel Non-Metallic Solutions facility at King Salman Energy Park and NMDC Offshore fabrication yard at Ras Al Khair were inaugurated during the event. Novel is a joint venture between Aramco and Baker Hughes that was formed to develop and commercialize a broad range of composite products. Meanwhile, the NMDC fabrication yard will provide maritime engineering, equipment, material manufacturing, and fabrication services.
The iktva Forum & Exhibition is taking place under the patronage of HRH Prince Saud bin Nayif bin Abdulaziz, Governor of the Eastern Province, from Jan. 13-16 under the theme of “Ecosystem of Opportunities.” The Governor opened the event during a ceremony also attended by HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, and HRH Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province.
The event focuses on showcasing the evolution of the local supply base, the realization of enablement anchor projects, and collaboration areas to further develop the domestic supply chain ecosystem.
Aramco’s iktva score within its procurement of goods and services has risen from 35% in 2015, when iktva began, to 67% in 2024.
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 program is actively driving domestic value creation and maximizing economic growth and diversification.
— Wail A. Al Jaafari, Aramco executive vice president of Technical Services
“iktva is a top priority in Aramco’s long-term planning, as we seek to build on the company’s already high levels of resilience,” Al Jaafari added.
The intent of the program is to achieve a 70% iktva score while increasing exports of locally manufactured goods and services and creating direct and indirect jobs for young Saudis. As part of the iktva program, 210 localization opportunities have been identified within 12 sectors, with an estimated annual market size of $28 billion.
Since its launch, the iktva program has so far enabled the establishment of 350 new local manufacturing facilities, with a total CAPEX of more than $9 billion. These facilities cover different sectors such as chemicals, non-metallics, IT, electrical and instrumentation, static and rotating equipment, drilling, fire protection systems, and others. These investments have resulted in 47 products being manufactured for the first time in Saudi Arabia.
2025 iktva award winners
- Best in Overall iktva (Services): SLB
- Best in Overall iktva (Construction): Nesma & Partners
- Best in Overall iktva (Manufacturing): Arabian Rig Manufacturing
- Best SME in Overall iktva (Services): Excellence Logging Saudi
- Best SME in Overall iktva (Manufacturing): Saudi Valves Manufacturing
- Best in Saudization (Services): Arabian Drilling Company
- Best in Saudization (Manufacturing): Zahid Group
- Best in Training & Development: Hyundai Engineering
- Best in Supplier Development: Halliburton
- Best in Research & Development: Baker Hughes
- Best in Exports: Jeddah Cables Company
- Best in ESG: Jana Marine Services
Caption for top photo: From left, HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy; HRH Prince Saud bin Nayif bin Abdulaziz, Governor of the Eastern Province; Amin H. Nasser, Aramco president and CEO; HRH Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province; Wail A. Al Jaafari, Aramco executive vice president of Technical Services gather at the opening of the iktva Forum & Exhibition 2025.
