iktva in Review: Localizing Commercial Ecosystems

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
  • 63% 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

and in the most recent CEO speech:  https://www.aramcolife.com/en/publications/the-arabian-sun/articles/2023/week-05-articles/speech-ceo-at-iktva-forum


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