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Saudi Aramco plans to invest $1.9 billion in the digital field

Saudi Aramco plans to invest $1.9 billion in the digital field

Amin Al-Nasser, head of Saudi Aramco announced recently the establishment of “Aramco Digital,” to drive digital innovation and expand the digital economy in the Kingdom through partnerships and projects to strengthen Aramco’s position in the energy industry.

Al-Nasser stated that Aramco plans to invest $1.9 billion over the next three years in the digital field, describing this as the company’s most significant investment in this field so far.

Al-Nasser pointed out that the Saudi economy is one of the fastest-growing economies in the world, as its value is expected to exceed $1 trillion for the first time.

During the activities of the seventh edition of the program to enhance the total value added of the supply sector “Iktva”, Aramco announced the launch of Aramco Digital Company (ADC).

(ADC) is a wholly-owned subsidiary that will accelerate digital transformation in the Kingdom and the MENA region.

Prince Saud bin Nayef, the Governor of the Eastern Province, inaugurated the activities of the seventh edition of the “Iktva” program.

The inauguration was attended by Prince Abdulaziz bin Salman, Minister of Energy, and a large gathering of officials, investors, and interested parties.

100 agreements

Over 100 agreements and memorandums of understanding worth approximately 27 billion riyals ($7.2 billion) were signed by Saudi Aramco during the inauguration to support the creation of a diversified and sustainable industrial system that is competitive on a global scale.

The Iktva program succeeded in raising the percentage of local content localization to 63% in 2022, from 35% in 2015, when the program was launched.

The forum and exhibition will run from January 30 to February 2, under the slogan “Accelerating the Pace of Future Success”.

The forum will highlight Emiratisation efforts in key focus areas including digitization, sustainability, industry, and industrialization.

An exhibition with more than 290 companies was held on the first day, which saw more than 10 thousand visitors.

The Iktva program encourages suppliers to establish regional headquarters in the Kingdom.

Since the launch of the sufficiency program, more than 150 investments have been made, including products manufactured for the first time in the Kingdom.

The company has also established 16 national training centers in 10 cities across the Kingdom. These centers cover more than 60 commercial sectors. They have graduated more than 48,000 Saudi trainees so far.


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