Saudi Aramco hits 70% localization benchmark as “iktva” generates 200,000 jobs

DHAHRAN — Saudi Aramco announced on Wednesday that its supply chain transformation program, iktva (In-Kingdom Total Value Add), has achieved its target of reaching 70 percent local content. The oil giant also reaffirmed its commitment to raising this percentage to 75 percent by 2030. The “iktva” program has generated over 200,000 direct and indirect job opportunities across the Kingdom. It has also drawn more than 350 investments from 35 countries to establish new manufacturing facilities within Saudi Arabia, resulting in the local production of 47 strategic products for the first time. The program is regarded as one of the most prominent drivers of industrial development and economic diversification. Since its inception, it has contributed more than $280 billion to the Kingdom’s gross domestic product (GDP), in addition to attracting $9 billion in foreign direct investment. This reinforced its role as a key driver of industrial development, economic diversification, and long-term financial resilience. Through the localization of goods and services, the program has strengthened the resilience and reliability of Aramco’s supply chains, enhanced operational continuity, reduced supply chain vulnerabilities, and provided protection against global cost inflation—capabilities that proved critical during periods of disruption. Aramco President and CEO Amin Nasser expressed pride over the scale of transformation achieved through iktva and its positive impact on the Kingdom’s economy, noting that the announcement represents a major milestone in the program’s journey and reflects a significant leap in Saudi Arabia’s industrial development, fully aligned with the Kingdom’s national vision. “Iktva is a core pillar of Aramco’s strategy to build a competitive national industrial ecosystem that supports the energy sector while enabling broader economic growth and creating thousands of job opportunities for Saudi nationals,” he pointed out. Nasser stated that by localizing supply chains, the program ensures operational reliability and mitigates disruptions that may affect global supply chains, noting that its cumulative impact over a decade demonstrates the sustained value it continues to generate. Over the past decade, iktva has emerged as a leading example of supply-chain-driven economic transformation, converting Aramco’s project spending into domestic economic multipliers that have created jobs, improved productivity, stimulated exports, and strengthened supply chain resilience. The program has identified more than 200 localization opportunities across 12 key sectors, representing an annual market value of $28 billion. These opportunities have translated into tangible investment outcomes, catalyzing more than 350 investments from 35 countries in new manufacturing facilities within the Kingdom, supported by approximately $9 billion in capital. These investments have enabled the local manufacture of 47 strategic products in Saudi Arabia for the first time. To support continued growth, the iktva program organized eight regional supplier forums worldwide in 2025, in addition to its biennial forum. These events helped connect global investors, manufacturers, and suppliers with localization opportunities in Saudi Arabia.