What is IKTVA?
IKTVA
Investing in the Kingdom, creating opportunities for local workers and promoting innovation are all priorities of the IKTVA program. It’s a strategic mechanism that aims to develop a competitive global industrial base in Saudi Arabia. The programme also stimulates local content development. In addition to this, the initiative supports the government’s Vision 2030 agenda, which aims to increase the economy’s contribution to the country’s GDP to 35 percent by the end of the decade.
How to Become a Saudi Aramco Supplier
It’s a programme which was launched in 2015 by Saudi Aramco, one of the world’s largest oil and gas producers. It aims to drive value creation in the local economy by establishing partnerships with local suppliers and enabling new business opportunities. In addition, it offers investment assurance and a level playing field for international and local suppliers.
IKTVA is an acronym for “In-Kingdom Total Value Add”, a scheme that measures the local value that a company provides to the Saudi Arabian economy. It provides a framework for achieving localization and efficiency in the supply chain, while maximizing long-term economic growth. In addition, the programme promotes local employment and diversity. It’s also a key component of the company’s overall strategy for reducing foreign reserve outflows and strengthening resilience.
What is IKTVA?
Aramco launched IKTVA in order to support the country’s Vision 2030, which aims to increase the economy’s overall contribution to the GDP. The aim is to establish Saudi Arabia as a global energy hub. Aramco has entered into agreements with Schlumberger, Honeywell, General Electric, Siemens, Jacobs Engineering, and McDermott. These companies have contributed to the local value creation in the Kingdom, with almost 60% of Aramco’s supply chain now being locally sourced. This is in addition to a four-fold increase in the training of Saudi workers.
How Can my Company Participate in IKTVA
IKTVA focuses on a structured approach to localization, as well as providing a benchmark score for all suppliers. The IKTVA score is an important metric for determining whether a company will be eligible to work with Saudi Aramco. It’s an essential aspect of the process of assessing proposals, as companies must have a score that demonstrates support for the localization goals of the company. In addition, it’s an integral part of the awarding of contracts. Several other factors will remain important in the selection of potential Saudi Aramco suppliers, though.
IKTVA is a mechanism that allows Aramco to invest in the Kingdom without compromising its high vendor standards. Its success has been laudable, with more than 1,000 international suppliers taking part in the IKTVA forum. In addition, Aramco has set up a portal, the Supplier Network Collaboration, to enable suppliers to manage their supply chain, finance, inventory tracing, and analytics. The portal helps Saudi Aramco manage the flow of information, data, and finance, and is a vital tool for the company’s supply chain management.
The IKTVA forum aimed to establish the Kingdom as a global energy hub, with the aim of building a world-class supply chain. It was hosted by Saudi Aramco, and featured a keynote address by Aramco CEO Yasir Al-Rumayyan. He discussed the importance of IKTVA and said that Saudi Aramco is responding to a changing Kingdom.