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Enriching Uranium: Saudi Arabia Unveils Ambitious Plans at iktva 2025

Under the patronage of the Governor of the Eastern Province, Prince Saud bin Nayef bin Abdulaziz Al-Saud, Dhahran is hosting the 8th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition, from January 13-16, 2025.

Organized by Saudi Aramco, iktva 2025 aims to celebrate the iktva program’s main achievements and highlight its future plans, in addition to strengthening collaboration and boosting the localization of goods and services in Saudi Arabia. The first day of the forum uncovered ambitious plans regarding renewable energy production and enriching uranium.

Iktva 2025

With the participation of the Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz, the Governor of the Eastern Province inaugurated iktva Forum and Exhibition 2025 under the theme Ecosystem of Opportunities. The first day of the forum saw the signing of several agreements and memoranda of understanding (MoUs).

Saudi Aramco signed 145 agreements and MoUs, worth SAR 33.75bn ($9bn), according to Al Yaum newspaper. These agreements are expected to bolster the localization of goods and services and boost local content within the supply chain.

Launched in 2015, the iktva Program aims to build a robust local supply chain and support national operations. This year’s edition highlights the ever-growing potential and massive impact of a competitive, sustainable local supply chain for Saudi Arabia and beyond.

Localizing Supply Chains

In his opening remarks, the President and CEO of Aramco, Amin Nasser, said that Aramco’s initial target was to raise procurement spend on local content from 35% to 70%. After 10 years of iktva, Saudi Aramco has achieved 67% local content across its procurement, he noted.

Enriching Uranium: Saudi Arabia Unveils Ambitious Plans at iktva 2025

Nasser added that since the launch of iktva, “we have seen the establishment of 350 local manufacturing facilities, worth more than $9 billion.” Meanwhile, the program has contributed a total of $240bn to Saudi Arabia’s GDP.

Aramco’s CEO pointed to the impact of Vision 2030 on accelerating iktva’s progress. “The benefits of Vision 2030 are clearly visible and tangible in all areas. This includes the addition of significant new infrastructure. Also, the overall diversification of the Saudi economy continues. And we have seen a major transformation of the job market in the last few years with Vision 2030,” he said.

Moreover, iktva is creating more job opportunities for Saudi youth. Under the program, Aramco has established 16 National Training Centers in ten cities across the Kingdom, in collaboration with the government and business partners. These centers have trained more than 70,000 people in over 100 trades and skills.

Ambitious Energy Plans

During the forum, the Saudi Energy Minister highlighted the Kingdom’s ambitious goals to enhance renewable energy production and drive its transition plans. Prince Abdulaziz expressed Saudi Arabia’s confidence in increasing its renewable energy capacity from 26 GW to 44 GW.

Furthermore, he said that the Kingdom targets 130 GW of renewable energy capacity with a 20% energy reserve margin, according to Argaam. He outlined efforts to build renewable energy infrastructure, saying that “without energy, there is no prosperous or fruitful future.”

Enriching Uranium: Saudi Arabia Unveils Ambitious Plans at iktva 2025

The Saudi Energy Minister highlighted efforts to expand the oil and gas sector to meet domestic demand, announcing plans for a fourth phase of gas system development with Aramco.

Enriching Uranium

Prince Abdulaziz unveiled Saudi Arabia’s plans to invest in all minerals, including uranium. Speaking at iktva 2025, he said: “For those who question our mining capabilities, we will not only mine and manufacture uranium, but we will also enrich it and sell it.”

The Saudi Energy Minister pointed out that the Kingdom possesses two mountains rich in rare minerals. He also said that Saudi Arabia will provide essential materials for industries in order to achieve energy security, underscoring the Kingdom’s commitment to securing its oil supplies.

Saudi Arabia’s Nuclear Energy

Under its national nuclear energy project, Saudi Arabia is making rapid progress in benefiting from nuclear energy for peaceful purposes. To this end, the Kingdom is moving forward with the establishment of its first nuclear power plant. This aligns with Saudi Arabia’s goals of to diversifying its economy, reducing the consumption of fossil fuels, and contributing to the national energy mix.

Saudi Arabia’s first nuclear power plant is expected to produce 2.8 GW. In December 2023, the IAEA Director General, Rafael Mariano Grossi, praised the Kingdom’s efforts in developing its nuclear sector during a visit to Saudi Arabia to take a closer look at the Kingdom’s preparations for its first nuclear plant.

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