عربي English Türkçe اردو فارسى
Logo
Latest News
Business

IKTVA Forum Kicks Off to Discuss Developing Energy Supply Chain Sector in Saudi Arabia

IKTVA program contributes to promoting growth in the business environment. (Asharq Al-Awsat )
IKTVA program contributes to promoting growth in the business environment. (Asharq Al-Awsat )
TT
TT

IKTVA Forum Kicks Off to Discuss Developing Energy Supply Chain Sector in Saudi Arabia

IKTVA program contributes to promoting growth in the business environment. (Asharq Al-Awsat )
IKTVA program contributes to promoting growth in the business environment. (Asharq Al-Awsat )

The In-Kingdom Total Value Add (IKTVA 2022) has kicked off on Monday, highlighting the oil giant’s role in boosting local opportunities in Saudi Arabia.

Saudi Aramco organized the three-day event, held at the Dhahran Expo Center in the Kingdom’s Eastern Province, to allow business partners to meet and discuss the field of energy supply chain and identify opportunities aimed at developing the sector.

The forum presents 180 investment opportunities in nearly 10 sectors, more than 50 seminars and five dialogue sessions on the oil sector. Nearly 250 participants and 15,000 visitors will attend the event.

Aramco designed IKTVA program to enhance the efficiency and value of the supply chain at the business level and encourage the development of a diversified, sustainable and globally competitive energy sector in the Kingdom.

The forum contributes to attracting investments, supporting plans and programs for localizing goods and creating direct and indirect jobs for citizens.

Supply chain partners play a major role in supporting the continuous competitive growth of the energy sector and the local economy in a sustainable manner.

Investment opportunities focus on the mineral ecosystem, non-metallic, chemical and non-conventional materials, in addition to oilfield equipment and services and maritime projects and services.

Among the investment opportunities are digital transformation, fire and environment protection, public procurement, measuring and electrical equipment.

The program further contributes to promoting growth in the business environment and encouraging long-term partnerships to provide opportunities and support supply chains.

It also raises the rate of local manufacturing and exports, stimulates innovation through global partnerships and investments, as well as nurtures and trains the local workforce in more than 60 fields and through 16 vocational training academies.

IKTVA proven success model has become the cornerstone of the Local Content and Government Procurement Authority model. This contributes to accelerating the pace of development of the industrial system in Saudi Arabia via various sectors.

It also succeeded in attracting many investments and creating a system of integrated supply chains to help companies start their businesses in the Kingdom.

Most Viewed

 
 
Business

French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)
TT
TT

French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)

As Saudi Arabia undergoes economic and social changes under its Vision 2030, attention is turning to strengthening strategic partnerships with France in areas such as innovation, technology and cybersecurity.

Amélia Lakrafi, a French member of parliament and representative for French nationals abroad, stressed the importance of Vision 2030 as a platform for long-term cooperation between the two nations.

Vision 2030 presents unique opportunities to boost economic ties between France and Saudi Arabia, she stressed.

She emphasized the need to support innovation and technology as key areas of collaboration.

To advance this partnership, she suggested empowering French-Saudi business councils and holding regular meetings for companies and experts to discuss legal and tax issues, such as setting up companies without a local partner.

She also proposed creating a unified platform to streamline information access for businesses and coordinate with entities like embassies and the “Business France” agency.

France should highlight the investment opportunities it offers to Saudi investors, ensuring quick and clear solutions to legal and procedural challenges, Lakrafi went on to say.

Innovation and AI

Innovation and technology are vital for future cooperation. Lakrafi noted that artificial intelligence (AI) and renewable energy are key areas for collaboration.

She explained that AI is a strategic priority for both France and Saudi Arabia, and French President Emmanuel Macron’s recent visit to Riyadh highlighted its potential.

Paris will host a global AI event in February, with Saudi Arabia as a partner guest, said the MP.

The event will help strengthen partnerships between institutions and businesses from both countries. She proposed creating competitive hubs in Saudi Arabia, similar to those in France, to bring together large companies, startups and researchers.

Boosting capital

Lakrafi stressed the importance of intangible capital, which includes branding, reputation and internal processes, for improving competitiveness.

“Intangible capital represents about 60% of a company's value,” she said. “Companies should invest in securing these assets, through trademark registration, enhanced cybersecurity, or better internal management.”

She called for the development of tools to measure intangible capital, which could help businesses build trust and attract investors and customers.

Cybersecurity

Given the rise in global cyber threats, Lakrafi called for stronger cooperation between France and Saudi Arabia in cybersecurity.

She underscored France’s expertise through institutions like the National Agency for the Security of Information Systems.

This collaboration could help Saudi Arabia develop shared cybersecurity standards, including rules to secure companies receiving government funding. She also warned that 80% of companies hit by major cyberattacks close within three years.

Lakrafi concluded by stressing that the cooperation between France and Saudi Arabia extends beyond economic ties, focusing on building cultural and social connections that support shared goals.

“Our relationship with Saudi Arabia goes beyond economics. We are building new links every day, whether between leaders, lawmakers, or citizens. I see a bright future for this partnership that will strengthen both countries’ global standing,” she remarked.