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Saudi Aramco’s iktva Program Reaches 70% Local Content, Contributes $280 Billion to Saudi Economy

Prime Highlights:

  • Saudi Aramco’s iktva program has achieved 70% local content, marking a major milestone in strengthening domestic manufacturing and industrial capacity.
  • The company aims to raise local content in procurement to 75% by 2030, supporting Vision 2030 and enhancing supply chain resilience.

Key Facts:

  • The iktva program has contributed more than $280 billion to the Saudi economy and created over 200,000 direct and indirect jobs since its launch.
  • It has attracted over 350 investments from 35 countries, identified 200+ localization opportunities across 12 sectors, and enabled 47 strategic products to be manufactured locally for the first time.

Background:

Saudi Aramco has announced that its supply chain localization program, iktva, has achieved 70 percent local content, marking a major milestone in the company’s efforts to strengthen domestic manufacturing and industrial capacity.

The state-owned energy giant said the program has contributed more than $280 billion to the Saudi economy since its launch. The initiative has helped convert Aramco’s procurement spending into local manufacturing, new investments, and job creation across the Kingdom.

Aramco said it plans to increase local content in its procurement of goods and services to 75 percent by 2030. The move supports the company’s long-term strategy to improve supply chain resilience while advancing Saudi Arabia’s economic diversification agenda under Vision 2030.

Amin H. Nasser, President and CEO of Saudi Aramco, said the iktva program has had a transformational impact on both the company and the national economy. He described the achievement as a significant step in the Kingdom’s industrial development and closely aligned with national goals.

Nasser said iktva plays a central role in building a competitive industrial ecosystem that supports the energy sector and encourages wider economic growth. He added that the program has helped create thousands of jobs for Saudi nationals while reducing reliance on overseas suppliers.

Over the past ten years, iktva has identified more than 200 localization opportunities across 12 industrial sectors. These sectors represent an estimated annual market value of $28 billion. The program has attracted over 350 investments from companies in 35 countries, supported by $9 billion in capital.

As a result, 47 strategic products are now manufactured in Saudi Arabia for the first time. The initiative has also created more than 200,000 direct and indirect jobs and expanded the Kingdom’s industrial sector.

Saudi Arabia’s local content programs aim to keep more economic value within the country by encouraging domestic production, services, and skills development.