Our In-Kingdom Total Value Add (iktva) program is designed to drive supply-chain efficiency and value across our operations, and to encourage the development of a diverse, sustainable, and globally competitive energy sector in the Kingdom.
Through iktva we are building a world class supply chain to support our needs and the needs of our partners. We strives to cultivate local business with the goal to retain 70% of all procurement spend in-Kingdom. Iktva's proven success model has become the cornerstone for the Local Content and Government Procurement Authority localization model, which will accelerate the maturity of the Kingdom's industrial ecosystem across all sectors. This model has attracted more than 450 investments. From Jazan Economic City to the King Salman International Complex for Maritime Industries & Services, iktva has created an ecosystem of integrated value chains to help businesses hit the ground running in Saudi Arabia.
The iktva program has demonstrated the benefits of creating successful partnerships with business, government, and academia. It also increases the Company's competitiveness, drives industry collaboration and brings innovation to the Kingdom through research and development. The synergy driven by the iktva program has delivered greater levels of prosperity for the Kingdom, the local business community, and Aramco.