Since 2015, the iktva program identified not only supply chain gaps, but also significant potential business opportunities. Since 2015, iktva has achieved:
- Creation of 180 business opportunities with a potential market demand of ~ $15B per year
- A 50% annual growth in local SMEs
- 94 new agreements with a combined value of $29B, resulting in 34 new local manufacturers
- 59% local content in KSA (up from a localized-supply baseline level of 35% in 2015).
For the first time, Saudi Arabia is manufacturing flaring equipment and nonmetallic rebar and many other products and services.
“iktva is helping to create a stronger, more diversified and more resilient Saudi economy, with a fourfold rise in spend on local research and development …”
These milestones were reviewed in Aramco Elements Magazine. For the full article: https://bit.ly/3ATEJk5