Aramco Spends $12 Bil on SMEs Yearly

Aramco Spends $12 Bil on SMEs Yearly
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Aramco Spends $12 Bil on SMEs Yearly

Aramco Spends $12 Bil on SMEs Yearly

Aramco has been spending $12 billion every year on more than 4,000 SMEs (small and medium enterprises) either directly or through its supply chain through Total Value Add Program (iktva).

Aramco’s iktva is a landmark initiative that catalyses localisation in the energy and energy-related industries, leveraging the economic role of SMEs and increasing their contribution to the GDP, and adds thousands of quality job opportunities, according to VP for Procurement & Supply Chain Management at Saudi Aramco Abdulaziz al-Abdulkarim.

This is being mainly done by Aramco to highlight the importance of creating an ecosystem that enables SMEs to flourish and grow in order to achieve a sustainable economic development in the kingdom, stated the VP.

Through iktva, Aramco plans to deliver a world-class, locally-sourced supply chain in the Kingdom, with an overarching objective of achieving 70 percent of locally supplied content by 2021, he added.

He indicated that this is in line with the goals and objectives of Vision 2030 that aspires to raise the contribution of local content in industry and to foster the economic role of SMEs as engines for innovation and sustainability.

Currently, SMEs contribute around 20 percent of the Kingdom’s gross domestic product. Saudi Vision 2030 has set an initial target to increase that share to 35 percent.



Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
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Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday with the participation of top scientists, experts, decision-makers from around the world.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Alfadley, with the participation of World Water Council President Loïc Fauchon, inaugurated the official logo of the World Water Forum 2027.

In his remarks, Alfadley emphasized Saudi Arabia’s call for strengthened international cooperation and joint efforts among countries and organizations to tackle global water challenges. He underscored the importance of ensuring universal access to water and sanitation services as a key pillar in achieving Sustainable Development Goal 6 (SDG 6).

“Saudi Arabia prioritizes the water sector through various measures, including the adoption of a national strategy encompassing water production, storage, transportation, distribution, treatment, and reuse, all within a comprehensive institutional framework,” Alfadley added.

He further stated that the Kingdom has implemented Integrated Water Resources Management and enhanced supply chain governance. This is supported by the release of a long-term supply and demand plan that extends to 2050, alongside a commitment to environmental, social, and economic considerations in alignment with Saudi Vision 2030.

Highlighting the Kingdom's leading role in supporting regional and international water issues, Alfadley pointed to the launching of the Global Water Organization, aimed at fostering international collaboration, and the establishment of an International Water Research Center focused on water economics, water security, advanced technologies, and digital transformation.

Fauchon said the council, in collaboration with Saudi authorities, has developed a comprehensive framework outlining the thematic, regional, and political components that will shape the roadmap for the 11th edition of the forum that is being held in the Middle East for the first time.

He stressed the need to make water a top global priority, adding that this gathering will lay the foundation for future water policies. “The way ahead is still long, but we are confident we’re on the right path toward real solutions—solutions that can change lives,” he said.

Deputy Minister for Water at the Ministry of Environment, Water, and Agriculture Dr. Abdulaziz Alshaibani underscored the urgency of the current moment, describing the preparatory meeting as a call for serious and immediate action. Alshaibani emphasized the need to build upon existing progress in the water sector and to move decisively towards solidifying priorities.

He stressed the importance of greater coherence and integration across all sectors, along with the unification of all efforts, to achieve tangible solutions to global water challenges and to meet SDG 6. Alshaibani further noted that effective solutions must be anchored in several key pillars, including financing, innovation, diplomacy, and environmental considerations.

The World Water Forum 2027, organized by the World Water Council in Saudi Arabia, is a significant international platform for exchanging ideas and experiences in water management.