Dammam- Oil giant Saudi Aramco has reviewed its program “IKTVA” and its role in the localization of industry and technology on the first day of the forum addressing means on pinpointing investment opportunities to SMEs.
Organized and launched by the Dammam-based Asharqia Chamber, the forum tackles a facilitation program that does not only aim to guide SMEs towards investment opportunities but to also tether major corporate markets to small and medium companies.
Saudi Aramco reviewed with dozens of SME representatives at Asharqia HQ the means to secure a contract with Aramco itself or other active companies.
Nasser Al Yami, Director of Industrial Development and Strategic Logistics at Saudi Aramco, revealed that contract offerings worth $ 21 billion were endowed by the In Kingdom Total Value Add (IKTVA) program to SMEs.
Through IKTVA, Saudi Aramco is taking action to drive additional domestic value creation to support a rapidly changing economic environment and foster future prosperity.
As well as driving domestic value creation, IKTVA prioritizes consistency and transparency to create a leveled playing field for more than 1000 suppliers that are engaged with Aramco across local and international networks.
The Chamber is one of Saudi Arabia’s oldest and well-established service organizations devoted to the cause of promotion of the private sector contribution to the economy. The Chamber has devised a number of promotional and developmental services to provide support to the private sector initiatives in industry, trade, and services.
Yami stressed that Saudization within the program had increased to 43 percent during the last ten months. The program launched with 35 percent.
The event is among the first initiatives of the Tasheel program in Asharqia Chamber.
Tasheel program is an innovative program through which Asharqia Chamber coordinates with major strategic companies such as Aramco, SABIC, Maaden, Saudi Electricity and Sipchem and local investors to facilitate contracting procedures and offer contracting and supply opportunities as part of their efforts to support the national product and national suppliers by offering products of these major companies and marketing their available investment opportunities and local manufacturers and suppliers.