Saudi Aramco announced it has secured 70% local content through its supply chain transformation program iktva (In-Kingdom Total Value Add).
Following this achievement, Aramco has committed to a new benchmark, targeting 75% local content in goods and services by 2030, the company said in a press release.
Since its launch in 2015, iktva Program has injected more than $280 billion to Saudi Arabia’s GDP, solidifying its position as a primary catalyst for industrial growth, economic variety, and sustained fiscal stability.
Moreover, the Program has boosted the resilience and reliability of Aramco’s supply chain through localizing goods and services. It has also minimized supply-chain risk, ensured uninterrupted operations, and mitigated the impact of rising global costs.
On this occasion, Aramco President and CEO, Amin Nasser, took pride in this impressive achievement, calling it a “major milestone” in iktva’s journey and the Kingdom’s industrial development.
“iktva is a core pillar of Aramco’s strategy to build a competitive national industrial ecosystem that supports the energy sector, while also enabling broader economic growth and creating thousands of job opportunities for Saudi nationals,” he said.
“By localizing the supply chain, iktva ensures operational reliability while mitigating disruption. Its 10-year cumulative impact reflects the depth and sustainability of the value it continues to generate,” he added.
Over the past decade, Aramco’s iktva Program has evolved into a global benchmark for economic transformation. By leveraging corporate spending as a domestic catalyst, the initiative has successfully localized supply chains, boosted national productivity, and expanded Saudi Arabia’s export potential.
iktva has catalyzed $9 billion in investment and launched 47 new domestic industries through a global network of 35 partner nations. By identifying $28 billion in annual market opportunities across 12 sectors, the Program has not only created 200,000 jobs but has also solidified the Kingdom’s industrial resilience.
