Eastern Province Governor Saud bin Nayef announced the establishment of an annual award for excellence in national content, organized in cooperation between Saudi Aramco and the Eastern Province Chamber of Commerce. «This award will motivate and show appreciation to national and international private sector companies that achieve great achievements in increasing local content,» he said. The company has estimated the estimated spending on its «IKTVA» and «Ambitious Business» initiatives at more than one trillion riyals over the next ten years.
National Strategy
Prince Saud bin Nayef said during the recent launch of the Saudi Aramco Total Value Added to the Supply Sector (IKTVA) program: "The development of the industrial sector in particular has had its fair share of efforts, as the state has been keen to support it with all the components and infrastructure that help create an environment conducive to investment." He stressed that «Saudi Aramco is offering this ambitious program that provides a great opportunity to invest in these components by enhancing the added value of the supply sector.» He described this initiative as «a good initiative that translates one of the objectives of the National Industrial Strategy and opens the way for the transfer and localization of modern technologies and the development of our resources.» He said: «I specifically mention the development of our most precious and important resources, namely the youth of this country, whom the Custodian of the Two Holy Mosques emphasizes that the most important and precious investment is in them, and they are a basic building block for construction and development.» He expressed his certainty that these efforts will culminate in the activation of the slogan »Made in Saudi« through products that we proudly present to the markets of the whole world, which is a noble goal that the national interest obliges us to work together to achieve.»
Coordinate efforts
For his part, Saudi Aramco President Engineer Amin Al-Nasser emphasized in a speech his company's keenness to "gather more than 500 senior officials from the heads and leaders of national and international companies it deals with in the energy sector; to work together to launch a new phase of joint work at the IKTVA forum." "This new phase takes into account the strategic needs and aspirations of Saudi Aramco, the private sector, and the new directions of national development,« he said, noting »the great momentum and initiatives to accelerate the pace of national development and increase the role of the private sector.« Nasser revealed that Saudi Aramco has named the forum, the ambitious business initiative and the associated mega program, which is estimated to spend more than one trillion riyals over the next ten years, IKTVA. «We will work together in the first phase of the IKTVA initiative to achieve continuous growth in local content in goods and services to double from its current level of about 35 percent to 70 percent by 2021, and this makes us take the phrase 70 in 2021 as a slogan for the IKTVA program.»
We will work together in the first phase of the IKTVA initiative to achieve continuous growth in local content in goods and services.
Experiments International
Saudi Aramco's strategic vision is to "enable the Saudi energy sector to become the most dynamic and competitive in the world, through three pillars: Localizing goods and services, generating half a million direct and indirect jobs for Saudis, and increasing The Kingdom's exports of goods and services related to the energy sector by 30 percent. He emphasized the need to make this initiative a success by being "economically feasible and commercially profitable for all parties, as IKTVA was carefully designed, and we took into account the views of representatives from the private sector, and we took into account the lessons learned from the experiences of countries that preceded us in this field." He expressed his certainty that by widely disseminating the IKTVA model to leading institutions and various sectors in the Kingdom, »Made in Saudi« will be a global brand that evokes feelings of pride, confidence and excellence, and we will have contributed to a strong boost to the Saudi economy and provided the young generation with hundreds of thousands of quality jobs that suit their ambition and abilities and provide them with a prosperous life.«
The accompanying workshops witnessed working papers, which reviewed the current challenges facing the Saudi economy, future opportunities, and the private sector's perspective on how to address the challenges of achieving shared success.
