With this year’s theme being “paving the way to economic success”, the IKTVA program is intended to boost domestic economic growth and value – with a particular focus on the energy sector – in the wake of pandemic-related disruptions.
“It wasn’t possible to predict the pandemic, but IKTVA helped prepare us for the uncertainties it caused,” Aramco president and CEO Amin H. Nasser said in a statement.
“Our investment in a diversified network of suppliers has helped us maintain a track record of reliability, despite the ongoing impact of Covid-19 on global supply chains. The IKTVA program continues to prove its value by contributing to an increasingly vibrant, dynamic, and business-friendly environment in Saudi Arabia,” he added.
According to Aramco, IKTVA is crucial to building the country’s “commercial ecosystem”, with domestic value creation currently contributing $100bn to the national economy. As a result of the event, Aramco channelled 59% of its spending to domestic suppliers in 2021, up from 35% in 2015 when IKTVA was launched.
The news also follows Aramco’s signing of nine MOUs earlier this month with what it termed as “leading Korean entities” during the Saudi-Korean investment forum. According to the group, these deals will help its development of low-carbon energy solutions, in particular looking at the supply and transportation of alternative fuels ammonia and hydrogen.
Aramco reported this week that oil demand was climbing to reach pre-pandemic levels once again, with Nasser telling media on Monday that more investment is needed by producers into supply.
“We are getting very close to pre-pandemic levels,” he told reporters. “We continue to see healthy demand in the future.”