Riyadh – International Maritime Industries (IMI) signed 10 agreements at a value of up to SAR 1.30 billion during the In-Kingdom Total Value Add 2023 (iktva) programme.

The MENA region biggest shipyard IMI signed six of the agreements with ESAB, Gulf Cryo, Euroblast, Acceleron, and ElectroMech. The partnerships focused on boosting IMI’s business operations in several segments, like shipbuilding, ship repair, and marine engineering.

The remaining four agreements were signed with Saudi training institutions and academies; the National Industrial Training Institute (NITI), Saudi Petroleum Services Polytechnic (SPSP), National Maritime Academy (NMA), and National Power Academy (NPA). Their objectives were to endorse and expand IMI’s apprenticeship programme.

iktva programme offers associate degrees in different trades and hands-on training to young Saudi industrial workers. Until the present time, some 1,830 have enrolled, of which 1,281 graduated and got hired into roles at IMI.

CEO of IMI, Abdullah Al Ahmari, said: “These agreements reflect IMI's commitment to driving the growth of the Saudi maritime industry and contributing to the Kingdom’s localisation goals.”

Al Ahmari elaborated: “By partnering with leading companies and training institutions we are actively expanding our capabilities and service offering to establish IMI as a Saudi maritime leader and key contributor to Vision 2030.”

It is worth noting that IMI is a joint venture (JV) between the listed Saudi Aramco and Bahri as well as Lamprell and HHI, forming the largest shipyard in the region at nearly 12 million square metres. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, such as VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.

In 2022, Aramco penned 59 corporate procurement agreements worth a total of $11 billion in line with the iktva programme. Earlier that year, IMI signed a long-term agreement with one of Bahri’s subsidiaries to boost its supply chain through advanced warehousing and logistics services.

The JV previously teamed up with JSA Loadmaster through a long-term agreement to endorse Saudi Arabia’s economy with SAR 750 million.

​Meanwhile in 2020, the listed Saudi Arabian Amiantit Company announced 77% achievement of the iktva programme’s goals, which came 23% higher than in 2019.

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