Saudi Aramco today launched its annual flagship localization event, the iktva SMEs Forum and Exhibition 2017, with an agenda designed to raise the bar with a set of over 140 investment opportunities in localization valued at over $16 billion in several industrial and business sectors across the Saudi Arabian energy sector.
In welcome remarks before an audience of over 2,300 delegates from 30 countries, Saudi Aramco President & CEO Amin H. Nasser highlighted the iktva program and the opportunities it offers for a localized supply chain. Nasser said that iktva aims to deliver a world-class, locally sourced supply chain in the Kingdom with an overarching objective of achieving 70% of locally supplied content by 2021.
Nasser said the two-day forum provides a platform for companies interested in establishing operations in Saudi Arabia to engage with the Kingdom’s energy sector stakeholders and their key suppliers. He highlighted the important role of small and medium-sized enterprises (SMEs) in driving value creation and innovation in the localization process. He said: “SMEs are the engine of innovation for economic growth and development. They have the agility, the know-how, the market expertise, and the products the oil and gas industry requires. Yet, SMEs currently contribute just 20% to our GDP, which is less than half of industrialized economies. That is why Saudi Vision 2030 recognizes the huge potential of SMEs, and has set an initial target of moving their contribution from 20% to 35%.”