Iktva 2025
VIDEO: CEO traces 10 year path of progress for iktva
From SPARK to Ras Al-Khair to new joint ventures, our localization efforts are thriving.
We have come a long way since launching iktva in 2015.
At the time, the majority of our materials and services were coming from outside Saudi Arabia.
As a result, we wanted to raise our procurement spend on local content from a very modest 35% to a more robust 70%.
We believed that this doubling would generate additional benefits,
more manufacturing,
more R&D,
more jobs within the Kingdom,
and eventually more exports from the Kingdom.
As we reach the 10th year of iktva, I am pleased to say we have made great progress.
Back in 2015, there was limited end-to-end local manufacturing.
Now there is the Maritime Complex to build tankers and boats and rigs and platforms.
There is SPARK, a hub for all manufacturing.
Going live today we also have ASMO, our joint venture with DHL, the region’s first procurement and logistics hub providing comprehensive end-to-end supply chain service.
Plus we are inaugurating our nonmetallics JV Novel and the NMDC Offshore Fabrication Yard in Ras Al-Khair.
There is also casting and forging and rig manufacturing in-Kingdom, with steel manufacturing to be rolling soon.
All anchor projects that will enable the further localization growth in multiple industries.
At Aramco, we are very proud of our reputation as one of the most dependable energy suppliers in the world, year in and year out.
