Riyadh – Mubasher: Saudi Aramco said in an open meeting around In-Kingdom Total Value Add (IKTVA) localisation programme that the estimated spending value of insurance on the company's goods and services will reach SAR 1.4 trillion over the next ten years.
The stake of the local manufacturers of the company's purchases recorded a standard level in Aramco's history of around 43%, with a 14% increase from 2015's levels to reach SAR 10 billion, according to the Saudi Press Agency (SPA).
The meeting revealed that Aramco has signed contracts worth SAR 60 billion in the last seven months.
The company added that its training centres will reach 28 by 2030, and it is expected that around 360,000 of Saudi youth will be graduated from several specialisations.
Abdulaziz Al Abdulkarim, Saudi Aramco’s vice president of Procurement and Supply Chain Management, said that IKTVA targets achieving three important goals, including doubling local products and services related to energy to 70% of Aramco's projects by 2021.
IKTVA's goals also include exporting 30% of products and services related to energy produced inside the Kingdom, SPA reported.
Al Abdulkarim added that the programme attracts Aramco's partners to Saudi Arabia which contributes to diversifying the economy, noting that the number of manufacturers and service providers for the company reached more than 300 firms.
The programme aims to build a Saudi competitive industrial base on a global level, and supporting small- and medium-sized institutions through merging them in Aramco's supply network, Al Abdulkarim stated.
