Saudi Arabia's Aramco iktva hits 70%, targets 75% by 2030

Since its inception, the iktva program has contributed more than $280 billion to the Kingdom’s GDP, reinforcing its role as a key driver of industrial development, economic diversification, and long-term fiscal resilience. By localizing goods and services, iktva has strengthened the resilience and reliability of Aramco’s supply chain, reduced supply-chain vulnerability, enhanced operational continuity, and provided a shield against global cost inflation – capabilities that have proven critical during periods of disruption. 

Amin H. Nasser, Aramco President & CEO, said: “I am immensely proud of the transformational effect iktva has had on Aramco and its positive impact on Saudi Arabia’s economy. This announcement marks a major milestone in the program’s journey and reflects an important leap in the Kingdom’s industrial development, which is largely aligned with our ambitious national vision. iktva is a core pillar of Aramco’s strategy to build a competitive national industrial ecosystem that supports the energy sector, while also enabling broader economic growth and creating thousands of job opportunities for Saudi nationals. By localizing the supply chain, iktva ensures operational reliability while mitigating disruption. Its 10-year cumulative impact reflects the depth and sustainability of the value it continues to generate.”

Over the past decade, iktva has emerged as one of the leading real-world examples of supply chain-led economic transformation. The program has converted Aramco’s project spending into domestic economic multipliers, supporting job creation, improving productivity, stimulating exports, and reinforcing supply chain resilience.

As part of this growth, iktva has identified more than 200 localization opportunities across 12 key sectors, representing an annual market size of $28 billion. These opportunities have translated into tangible investment outcomes, catalyzing more than 350 investments from 35 countries in new manufacturing facilities across the Kingdom, backed by $9 billion in capital. These investments have enabled 47 strategic products to be manufactured in Saudi Arabia for the first time.

In parallel, iktva has supported the creation of more than 200,000 direct and indirect jobs across the Kingdom, further strengthening the national industrial base and local capabilities. To sustain this momentum, iktva organized eight regional supplier forums worldwide in 2025, complementing its flagship biennial forum. The events helped to connect global investors, manufacturers, and suppliers with localization opportunities in Saudi Arabia.

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ALCHEMPro News Desk (JP)