Saudi Aramco signed on Monday a number of memorandums of understanding (MoUs) and agreements with suppliers representing local and international companies worth more than SAR100 billion ($26.6 billion) in a total of 31 commercial collaborations. The company announced during its fourth In Kingdom Total Value Add (IKTVA) program Forum & Exhibition, which was held this week at the Dhahran Expo Center in Dammam, that it has managed to mark the half-way point to its local-content goals. “IKTVA participation is mandatory for every Saudi Aramco supplier as the program aims to attain 70 percent local content, create thousands of jobs and export 30 percent of local energy goods and services output by 2021,” it said. “As of now, 51 percent of each riyal Saudi Aramco earmarks for materials and services is spent locally.” “Companies that have invested here are ideally positioned to benefit further with our signing last month of SAR125 billion in business at the Future Investment Initiative in Riyadh, much of which will have a direct impact on IKTVA, Saudi Aramco President & CEO Amin Nasser stressed. Held November 26-27 under the patronage of Prince Saud bin Nayef bin Abdulaziz Al Saud, governor of the Eastern Province, the Forum offered presentations, workshops and panels on best practices in navigating such areas as regulatory requirements, financing, R&D and talent development. The event was attended by Prince Ahmed bin Fahd bin Salman bin Abdulaziz, Deputy Governor of the Eastern Province, Saudi Aramco President & CEO, a number of senior executives in major international companies and investors. Prince Saud called on everyone to work hand in hand to continue supporting the initiative and encourage more companies and institutions to follow its path to turn the slogan Made in Saudi Arabia into reality and to make the Kingdom a regional hub for industries and exports. In addition to the signing of MoUs and commercial collaborations, an awards program was held to celebrate the program’s success stories for the year. The forum aims at attracting more than 1,000 local and international energy-sector service and equipment suppliers, manufacturers and small and medium enterprises to explore available investment opportunities with Saudi Aramco in the upstream, chemicals, utilities, non-metallic, IT and cybersecurity, and other areas. Partnerships support local content by contributing to job creation, technology transfer, training and development, and R&D. By 2030, the program aims to establish 30 training centers helping prepare 360,000 highly skilled graduates for jobs of the future. In return, companies with a local presence can take advantage of more than SAR1.7 trillion being spent by Saudi Aramco on localization opportunities over the next decade. Some 4,000 participants attended the event from 40 countries and more than 80 exhibitors.