Aramco launches digital transformation program, signs $7.2 billion in agreements at IKTVA forum
(WO) – At Aramco’s In-Kingdom Total Value Add (IKTVA) Forum and Exhibition, the company signed over 100 agreements valued at approximately $7.2 billion. The agreements will help advance a “diverse, sustainable and globally competitive industrial ecosystem,” according to Aramco.
The company also used the event to launch Aramco Digital Company, a flagship program that aims to accelerate digital transformation within the region. According to Ahmad A. Al-Sa’adi, Aramco’s Executive Vice President of Technical Services, Aramco Digital Company will provide “state-of-the-art AI and emerging technology expertise in a vital sector of the economy.”
IKTVA: creating a “culture of innovation”
The forum, which runs from Jan. 30 to Feb. 2, is held under the theme of ‘Accelerating Future Success’. It highlights collective localization efforts in key focus areas including digital transformation, sustainability, industrial, and manufacturing. The first day of the event attracted more than 10,000 visitors and the exhibition space included more than 290 companies.
SLB won an award for best in overall IKTVA services, while Baker Hughes took home best in supplier development. Siemens Energy, Haliburton, and ARO Drilling also received prestigious recognition.
The event, which was held under the patronage of HRH Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, was also attended by Minister of Energy, HRH Prince Abdulaziz bin Salman bin Abdulaziz.
Ahmad A. Al-Sa’adi, Aramco Executive Vice President of Technical Services, said: “The local supplier ecosystem is a top priority for Aramco as well as a major contributor to the Kingdom’s economy. Through this mega program, we are helping to create a culture of innovation and provide high-quality jobs for our growing population.”
The IKTVA program encourages the establishment of regional headquarters in the Kingdom. Since its inception, more than 150 investments have been made in Kingdom including products manufactured for the first time in Saudi Arabia. The company has also established 16 national training centers (NTCs) in 10 cities, covering more than 60 trades. To date, they have graduated more than 48,000 Saudi nationals.