Aramco, a leading integrated energy and chemicals company, signed 145 agreements and Memoranda of Understanding (MoUs) worth approximately $9 billion at the In-Kingdom Total Value Add (iktva) Forum & Exhibition on January 13, 2025. These agreements aim to enhance the localization of goods and services in Saudi Arabia, strengthen local content in the supply chain, and foster partnerships.
The event also marked the operational launch of ASMO, a joint venture between Saudi Aramco Development Company and DHL, in Riyadh. ASMO aims to transform procurement and supply chain practices across the MENA region. Additionally, two significant facilities were inaugurated: The Novel Non-Metallic Solutions facility at King Salman Energy Park and the NMDC Offshore fabrication yard at Ras Al Khair. Novel, a collaboration between Aramco and Baker Hughes, focuses on developing and commercializing a wide range of composite products.
The event held under the theme “Ecosystem of Opportunities,” the iktva Forum & Exhibition is taking place from January 13 to 16 under the patronage of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province. The event was inaugurated by the Governor, alongside His Royal Highness Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, and His Royal Highness Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province. The forum highlights the development of the local supply base, the implementation of anchor projects, and opportunities for collaboration to strengthen the domestic supply chain ecosystem. Since the launch of iktva in 2015, Aramco’s local content score in its procurement processes has increased from 35% to 67% in 2024.
