Saudi Aramco iktva forum kicks off in Dhahran

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Amin Nasser, President and CEO of Aramco, highlighted the success of the event and how the forum has contributed to the kingdom’s reputation internationally and locally. (Supplied)
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Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman at the 5th annual iktva (In-Kingdom Total Value Add) at the Dhahran Expo center. (Supplied)
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Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman at the 5th annual iktva (In-Kingdom Total Value Add) at the Dhahran Expo center. (Supplied)
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Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. (Supplied)
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Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. (Supplied)
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Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. (Supplied)
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Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. (Supplied)
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Updated 25 February 2020

Saudi Aramco iktva forum kicks off in Dhahran

  • Iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating a world-class supply chain
  • The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of jobs

DHAHRAN: Saudi Aramco’s 5th annual iktva (In-Kingdom Total Value Add) forum kicked off on Monday at the Dhahran Expo center, with over 70 exhibitors, 14 government entities, and 8 international energy partners all present at the mega-event.

Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. 

Amin Nasser, President and CEO of Aramco, highlighted the success of the event and how the forum has contributed to the kingdom’s reputation internationally and locally.

“The iktva Forum and Exhibition 2020 represents an ideal opportunity to continue to build on the enormous progress which has already been made in creating an integrated supply chain for the oil field service industry, serving not just the Kingdom but the entire region. As you know, we take great pride in our low-cost production, and our reputation for reliability. A first-class supply chain is a critical factor that makes both possible,” he said.

He also indicated that the success of the event could be seen in the numbers.

“For the first time, the majority of our procurement is from in-kingdom: 56 percent to be exact. Our suppliers have tripled their local purchases of goods and services, their employment of Saudis is up 50 percent, and female employment has increased by almost a third. Our suppliers are exporting 50 percent more from the kingdom, because of iktva,”

Aramco signed 66 initial agreements and strategic and commercial collaborations valued at more than $21 billion with international partner companies and entities from 11 countries in several industrial and business sectors across the Saudi Arabian energy sector.

In addition, a joint venture agreement with Baker Hughes was also signed. The joint venture will be a multi-sectorial non-metallic investment platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications.

The venture will leverage polymer materials and state-of-the-art manufacturing processes to deliver transformational non-metallic products, starting with reinforced thermoplastic pipes. The JV facility will be located at the King Salman Energy Park (SPARK), and will serve the MENA region. 

Launched in 2015, iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating of a world-class supply chain. The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of technical and professional jobs and careers.


Dubai launches economic program for post COVID-19 recovery 

Updated 05 August 2020

Dubai launches economic program for post COVID-19 recovery 

  • “The Great Economic Reset Programme” is part of a “COVID Exit initiative” to help the recovery and reshaping of the economy
  • The economic program will feature analyses of current and future policies

DUBAI: Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. 
The Dubai government partnered with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Programme” as part of a “COVID Exit initiative” to help the recovery and reshaping of the economy, state news agency WAM reported on Tuesday. 
The economic program will feature analyses of current and future policies, research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives.
The government plans to use local and international experts for economies and societies to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. 
Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the first roundtable.
“I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post COVID19,” said Professor Raed Awamleh, Dean of MBRSG.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment and tourism, as well as the rise of digital globalization.