Aramco signs 145 deals worth SAR 33.75B at iktva Forum 2025

Logo of Saudi Aramco

Saudi Aramco signed 145 agreements and memoranda of understanding (MoUs) valued at around SAR 33.75 billion ($9 billion) at the In-Kingdom Total Value Add (iktva) Forum & Exhibition 2025.

The oil giant said in a statement that the agreements and MoUs are expected to advance the localization of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration.

The company added that ASMO, a joint venture between Saudi Aramco Development Co. and DHL, commenced operations in Riyadh to redefine the procurement and supply chain landscape in the MENA region.

In addition, the Novel Non-Metallic Solutions facility at King Salman Energy Park and NMDC Offshore fabrication yard at Ras Al Khair were inaugurated during the event. Novel is a joint venture between Aramco and Baker Hughes, which was formed to develop and commercialize a broad range of composite products. Meanwhile, the NMDC fabrication yard will provide maritime engineering, equipment, material manufacturing and fabrication services.

Since its launch, the iktva program has so far enabled the establishment of 350 new local manufacturing facilities, with a capital expenditure of more than SAR 33.75 billion ($9 billion). These facilities cover different sectors such as chemicals, non-metallics, IT, electrical and instrumentation, static and rotating equipment, drilling, fire protection systems, and others. These investments have resulted in 47 products being manufactured for the first time in Saudi Arabia.