Riyadh - Mubasher: Saudi Arabian Amiantit Company has achieved 77% of The In-Kingdom Total Value Add (IKTVA) Program goals, up by 23% when compared to the previous year.
This will enhance the firm’s competitiveness and gives it a priority to compete with international companies at the local scale, reflecting positively on sales volumes, according to a stock exchange statement on Tuesday.
Moreover, the company took the first spot in the exporting field within the programme and aims to achieve 100% of the programme in 2021.
Launched in 2015 by Saudi Aramco, IKTVA aims to baseline, measure, and support increased levels of localisation in Saudi Arabia. It is designed to drive supply-chain efficiency and value across the oil giant’s operations and to encourage the development of a diverse, sustainable, and globally competitive energy sector in the kingdom.
The stated intent of IKTVA is to localise 70% of Aramco’s supply chain’s content by 2021, while raising energy-related exports to 30%, in the process of creating thousands of jobs for young Saudis.
