Saudi Aramco has met its 70% local content goal through the iktva program and aims to increase it to 75% by 2030. This achievement has contributed over $280 billion to Saudi GDP and generated 200,000 jobs. The program has attracted $9 billion in investment and enabled local manufacturing of 47 strategic products.

Aramco’s CEO sees iktva as vital for building a competitive domestic industrial ecosystem in line with Saudi Arabia’s economic diversification goals. The program has identified over 200 localization opportunities across 12 sectors, with an annual market opportunity of $28 billion. Supply chain resilience is a key benefit, reducing exposure to global disruptions and cost volatility.

Saudi Arabia’s Vision 2030 aims to boost domestic manufacturing and reduce oil dependency. Aramco’s localization efforts enhance project execution certainty amidst global supply chain challenges. The program positions Saudi Arabia as a regional manufacturing hub, attracting foreign manufacturers to establish facilities in the kingdom, benefiting local firms and investors.

Aramco’s integrated strategy combines upstream expansion, downstream diversification, and industrial localization. The 75% local content target by 2030 signals further capital inflows into domestic manufacturing and services, impacting international oilfield service providers without a significant presence in the kingdom. Saudi Arabia aims to become a regional manufacturing hub for oilfield services.

Read more at Yahoo Finance: Aramco Expands “Made in Saudi” Push With New 2030 Target