Saudi Aramco has signed 145 agreements and memoranda of understanding (MoUs) valued at around $9 billion at the In-Kingdom Total Value Add (iktva) Forum & Exhibition 2025.

These deals are expected to advance the localisation of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration.

Aramco’s iktva score within its procurement of goods and services has risen from 35 percent in 2015, when iktva began, to 67 percent in 2024.

“iktva is a top priority in Aramco’s long-term planning, as we seek to build on the company’s already high levels of resilience,” said Wail Al Jaafari, Executive Vice President of Technical Services, Aramco.

The programme intends to achieve a 70 percent iktva score, while increasing exports of locally manufactured goods and services and creating direct and indirect jobs for young Saudis.

As part of the iktva programme, 210 localisation opportunities have been identified within 12 sectors, with an estimated annual market size of $28 billion.

Since its launch, the iktva program has so far enabled the establishment of 350 new local manufacturing facilities, with a total CAPEX of more than $9 billion.

These facilities cover different sectors such as chemicals, non-metallics, IT, electrical and instrumentation, static and rotating equipment, drilling, fire protection systems, and others. These investments have resulted in 47 products being manufactured for the first time in Saudi Arabia.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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