Aramco Leads New Industrial Revolution in Saudi Arabia

Saudi Aramco officials and experts confirmed the oil company will lead a new industrial revolution in the Kingdom. (SPA)
Saudi Aramco officials and experts confirmed the oil company will lead a new industrial revolution in the Kingdom. (SPA)
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Aramco Leads New Industrial Revolution in Saudi Arabia

Saudi Aramco officials and experts confirmed the oil company will lead a new industrial revolution in the Kingdom. (SPA)
Saudi Aramco officials and experts confirmed the oil company will lead a new industrial revolution in the Kingdom. (SPA)

Saudi Aramco officials and experts confirmed that Saudi Arabia boasts huge technical investment opportunities that will create a new industrial revolution that will see the introduction of 11,000 robots that will carry out highly sensitive industrial and technical tasks.

They added that the market for industrial technology and applications will be worth billions of dollars in 2025.

Aramco made the announcement during a meeting at the Eastern Province Chamber of Commerce symposium on the "4th Industrial Revolution and IKTVA support".

Aramco's technical experts said there are several opportunities in this sector given the low number of workers in this field. They explained that Saudi Arabia is seeking to normalize cloud services, a mission that requires several technicians, which will open up real opportunities for Saudis.

The new industrial revolution in the field of technology will lead to the introduction of 11,000 robots in Saudi society. They will be tasked with carrying out highly sensitive industrial and technical tasks, stressed Aramco control and operations department member Mohammed Abu Sharifa.

In addition, he said that the market for mobile solutions and advanced analytics will reach $1.5 billion by 2025. He also highlighted real opportunities in 3D printing, high-performance computing, and the number of robots and drones that will take on important services in industry, transportation and exploration.

Saudi Aramco's manager for industrial development and strategic supply, Abdullah al-Thaali, explained at the conference that Saudi Aramco's localization initiative, IKTVA, has acted as an incubator for localization investments, especially for small and medium enterprises.

He said that since its launch, IKTVA has achieved an average of 45 percent localization success rate.

Saudi Aramco reviewed the digital platform, SABB Arabia, for the registration of domestic and foreign companies, which is expanding its services to a number of major Saudi companies, such as SABIC, Marafiq, Sadara, and Satorp and al-Bahri.

Aramco officials said the platform will be expanded over the coming stages to include government institutions and, later, the Arabian Gulf region, in a move aimed at embracing new technologies and creating a unified platform for business development and sustainability.

The platform allows industrial companies or construction companies to offer their potential to enter the supply chain of various projects, with IKTVA alone providing investment opportunities estimated at $1.5 billion.

Ahmed al-Falih, of Aramco's Adaptation Program said that IKTVA, raised the level of the local product to about 45 percent in 2017.

He pointed out that IKTVA increased local purchase to 50 percent in 2017, the highest rate achieved in the history of Saudi Aramco. He added that the program has become a major requirement for business with Saudi Aramco and the company is keen to encourage its suppliers to invest in its future investment plans, which amount to about SR140 billion annually.

Meanwhile, IT and digital transformation officials at Aramco discussed investment opportunities in the local market, stressing that the Middle East's e-security market would grow to reach $55 billion by 2022.

In-Kingdom Total Value Add (IKTVA) is one of the leading models in Vision 2030. It aims to achieve 70 percent of local content in industry and services in the energy sector by 2021. The program reinforces Aramco's quest to develop an accessible global supply and supply system with a high degree of reliability and an advanced level of innovation to achieve its strategic goal of becoming the world's leading and integrated energy and chemical company.



Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
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Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)

Sultan Haitham bin Tariq of Oman emphasized the role of the private sector in creating job opportunities for Omanis, urging businesses to make use of the economic incentives provided by the government to support local employment.
During a meeting on Monday at Al-Baraka Palace with business leaders, owners of small and medium enterprises, and startup representatives, Sultan Haitham affirmed that addressing unemployment is the top priority for the government.
He underscored the private sector’s responsibility to join efforts with the government in providing employment, training, and development for citizens by leveraging government incentives, programs, and initiatives aimed at supporting the private sector.
Discussing the banking sector, he highlighted its importance as a “cornerstone of modern economies and a key player in economic growth and shaping the business environment.”
The Sultan also pointed to the adoption of the national policy on local content, which aims to enhance the competitiveness and growth of the national economy. He stressed the importance of the private sector’s role in advancing this policy by localizing industries, prioritizing local products in purchasing and tenders, thereby creating job opportunities for Omanis, reducing import dependence, boosting exports, and increasing the GDP.
Sultan Haitham reviewed Oman’s financial and economic performance, noting the positive outcomes achieved through effective government-private sector partnerships. These partnerships have contributed to GDP growth and the continued improvement of Oman’s credit rating, which in turn enhances business and investor confidence, creating an attractive investment climate that supports the growth of various economic sectors.
He also called for strengthened partnerships between the government and private sector to ensure a favorable environment for investment and local economic development.
Sultan Haitham commended the efforts of the Financial and Economic Committee in the Council of Ministers, the Ministry of Commerce, Industry and Investment Promotion, and the Authority for Small and Medium Enterprises Development.
In coordination with the Oman Chamber of Commerce and Industry, these entities hold regular meetings with business leaders and investors to continuously address the challenges facing the private sector, particularly small and medium enterprises, and work towards viable solutions.