Saudi Arabian Oil : Remarks by HE Yasir O. Al-Rumayyan at the IKTVA 2022 Opening Ceremony

Let me begin by stating the obvious…

First, IKTVA is a great success.

Since the program was launched in 2015, local content in Aramco's supply chain has increased from 35% to almost 60% at the last count. Creating a more efficient, a more reliable, and stronger supply chain for the Company.

Second, IKTVA is also proving to be a winning proposition - not just for Aramco, but for all involved.

For the many local and international participants, IKTVA is creating new and expanded business and investment opportunities in the Kingdom, including opportunities beyond petroleum.

To date, IKTVA investments have attracted an estimated capex of $7 billion.

This in turn is helping create a competitive industrial base in the Kingdom that is now exporting to more than 40 countries.

For our local communities, IKTVA is delivering value in the form of career opportunities and training options for Saudis.

Again, the numbers speak for themselves…

IKTVA-related employment of Saudis has increased by 50%, meaning one out of every four people working in Aramco's supply chain is now a Saudi. The percentage of females working in our supply chain has also increased, more than doubling.

Meanwhile, the establishment of National Training Centers has already resulted in some 33,000 Saudis graduating with new skills.

And these centers are on track to produce tens of thousands of more trainees for the local labor market by 2030.

For our country as a whole, IKTVA is providing a number of broad benefits, with achievements including, but not limited to improving in-Kingdom capabilities - with everything from drilling chemicals to non-metallic rebar - now being manufactured here for the first time.

A great example of an IKTVA-driven achievement is the establishment of a hub to pioneer new technologies and services in the non-metallic industry, which is expected to contribute an estimated $10 billion to the Kingdom's GDP by 2030.

Indeed, IKTVA is providing a catalyst for innovation within the Kingdom, with Aramco suppliers having, so far, quadrupled their R&D spend in the Kingdom, from $21 million to $91 million.

IKTVA is also contributing to the development of anchor projects like the King Salman International Complex for Maritime Industries and Services and the King Salman Energy Park.

Simply put, IKTVA is resulting in a rise in both the volume and the variety of products that are now 'Made in Saudi Arabia'.

Indeed, the localization of goods and services through IKTVA is creating an ecosystem that is delivering critical support to the Kingdom's industrialization efforts.

This in turn is helping our country meet many other goals outlined by Vision 2030.