It’s the best time to start business in Saudi Arabia: Aramco chairman

25/02/2020 Argaam

 

Yasir Al-Rumayyan, Saudi Aramco’s board chairman, said that time is ripe now to start commercial business in Saudi Arabia.

 

Speaking at the 2020 iktva Forum, Al-Rumayyan added that he is excited about the opportunities offered by the iktva program to the Saudi economy. Saudi Aramco and iktva play a pivotal role in realizing the Saudi Vision 2030, he noted.

 

Elsewhere, Amin Nasser, President and CEO of the giant oil producer, said the iktva program aims to diversify economy, develop the private sector and enhance energy efficiency.

 

The program, designed to drive supply-chain efficiency, led the majority of in-Kingdom procurement to reach 56% for the first time. In addition, suppliers have tripled their local purchases of goods and services.

 

The employment rate of Saudi suppliers and the Kingdom’s exports through suppliers also rose to 50% each, Nasser noted.

 

The iktva program will continue to offer more opportunities to Saudi youth, entrepreneurs, small and large-cap companies, Nasser concluded.

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