Saudi Aramco announced on Monday that it has signed over 100 agreements and memoranda of understanding (MoUs) valued at around $7.2 billion to advance a diverse, sustainable and globally competitive industrial ecosystem in the Kingdom. 

The In-Kingdom Total Value Add (iktva) program has achieved 63 percent local content in 2022, up from 35 percent since its official launch in 2015, the oil giant said in a statement.

Ahmad A Al-Sa’adi, Aramco’s Executive Vice President of Technical Services, said: “The local supplier ecosystem is a top priority for Aramco and a major contributor to the Kingdom’s economy. Through this mega programme, we are helping to create a culture of innovation and provide high-quality jobs for our growing population.”

He added that the launch of Aramco Digital Company is an excellent example of such innovation in action, providing AI and emerging technology expertise in a vital sector of the economy.

Since iktva’s inception, more than 150 investments have been made in Kingdom, including products manufactured for the first time in the country. 

Some of the major agreements are:

- Taulia: Collaboration to implement supplier financing solutions

-DHL: Intention to enter a definitive agreement to form a joint venture and offer procurement and supply chain services

-Ministry of Investment of Saudi Arabia: Development and promotion of investment opportunities and the regional headquarters programme

-Accenture: System Integration and Digital Solution Services

-Hassana Investment Company: Establishment of a facility management national champion

-Achilles: Development and localisation of Environmental, Social, and Governance (ESG) rating services 

(Writing by D Madhura; Editing by Anoop Menon)