Saudi Aramco’s 5th annual IKTVA (in-kingdom total value add) forum & exhibition kicked-off last month with more than 70 exhibitors, 14 government entities, and 8 international energy players, all attended this gigantic-event. IKTVA program aims to increase local investment, economic diversification, job creation, and workforce development within the Kingdom. By 2021, Saudi Aramco works to achieve 70% localization of all spending, create a business environment that will provide thousands of new jobs, and enable 30% export of Saudi energy sector products.
As a leader in water & fire sectors for valves & hydrants, AVK SVMC has participated at this two-days event to meet its clients & potential customers and showcase the company’s achievements and commitments toward increasing the local content and to become an important contributor to the goals of Saudi Arabia's vision 2030. Since 1985, the year when AVK established the first local factory to manufacture valves and fire hydrants in the Kingdom AVK Saudi has participated in building the water and fire market in Saudi Arabia. Today, the company manufactured more than 2 million valves & hydrants that are installed around Saudi Arabia and the GCC region.
Being the first local manufacturer to obtain Saudi Aramco’s approval in 1999, AVK Saudi has signed a 10-years long term CPA agreement with Saudi Aramco back in July 2019. Moreover, the company is committed toward having a proactive involvement in the localization programs in the Kingdom. This has been shown by shifting procurement to local suppliers, having more than 40% Saudization level in 2020 and investing more than 20 million SR in a new factory to start manufacturing butterfly valves, fittings, and other products locally in Jeddah, Saudi Arabia.
IKTVA has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating a world-class supply chain and AVK Saudi is proud to be an active member of this rapid-growing initiative.