Saudi Aramco to spend $400 bln to boost local labor

State-owned oil giant Saudi Aramco plans to spend SAR 1.5 trillion on its In Kingdom Total Value Add (IKTVA) program in the next ten years in order to prepare 360,000 trainees for the labor market, the company said in a statement on Wednesday.

Launched in December 2015, IKTVA was designed to leverage the relationship between Saudi Aramco and its suppliers to support the company’s goals to increase local content to 70 percent by the end of 2021, the statement added.

“IKTVA seeks to develop a diversified and sustainable ecosystem that is capable of competing in the energy sector in the Kingdom, which will provide the labor market with 360,000 graduates from 30 Saudi Aramco training centers and institutes by 2030,” it further noted.

Since the IKTVA program launch, 98 local businesses have registered to do business with Saudi Aramco. At the same time, 90 local businesses have expanded their operations and were approved for new production lines.