Core Insights - Saudi Aramco has achieved its 70% local content target under the In-Kingdom Total Value Add (iktva) program and aims to increase it to 75% by 2030 [1][2] - The iktva program has contributed over $280 billion to Saudi Arabia's GDP and created more than 200,000 jobs [1][8] - The program has identified over 200 localization opportunities across 12 sectors, representing an annual market opportunity of $28 billion [4] Local Procurement and Supply Chain Strategy - 70% of Aramco's goods and services procurement is now sourced locally, a key aspect of its supply chain transformation strategy [2] - The company plans to increase local procurement to 75% by the end of the decade [2] - Localizing production and services has enhanced supply chain resilience, reducing exposure to global logistics disruptions and input cost volatility [5] Economic Diversification and Industrial Policy - The iktva program is a core pillar of Aramco's strategy to build a competitive domestic industrial ecosystem, aligning with Saudi Arabia's Vision 2030 economic diversification agenda [3][6] - The program has attracted $9 billion in inward investment and catalyzed over 350 investments from 35 countries [8] - Local manufacturing has enabled 47 strategic products to be produced domestically for the first time [8] Strategic Implications - Supply chain localization enhances project execution certainty amid global energy market challenges, such as tighter equipment availability and rising fabrication costs [7]