Saudi Aramco continues to champion the development of local industries and stimulate the growth of an institutionalized program launched by the Company, said Amin H. Nasser, President and Chief Executive Officer of Saudi Aramco at the 9th Global Competitiveness Forum (GCF) in Riyadh.
Nasser was referring to the In-Kingdom Total Value Add (IKTVA) program, just launched in December 2015 which represents Saudi Aramco’s commitment to local content development that is now required across its domestic and international supply chain.
“We are making it a requirement for our business partners to ensure that 70% of content for any projects and deliverables are made in Saudi Arabia in 2015, resulting in 500,000 jobs created in the long term,” he said.
Nasser was a speaker at the panel session titled ‘Low Oil, High Growth: Prospering in a Low Oil Era’.
Nasser also reinforced Saudi Aramco’s commitment to continue its hydrocarbon investments while further developing its renewable energy portfolio by actively surveying and identifying areas within the Kingdom to exploit the potentials of wind and solar.
“It is definitely part of what we do and with all these initiatives, we can become a significant enabler of renewable energy in the Kingdom as well as establishment of knowledge-based and innovative-based industries,” he said.
This year’s forum focused on “Competitive Sectors” as a theme and shed light on the ingredients that are essential in driving the competitiveness of sectors. In tandem, panelists discussed the strategies that governments may follow to accelerate competitiveness.
Saudi Aramco was represented at GCF 2016 by three members of its leadership – His Excellency Khalid Al-Falih, Chairman; Amin H. Nasser, President and CEO; and Huda M. Al-Ghoson, Executive Director of Human Resources.
Al-Ghoson was a speaker at the panel session titled ‘Bridging the Skills and Innovation Gap for More Productive Sectors’. She noted that Saudi Aramco’s human resources strategy is structured around four focus areas: talent acquisition, talent development, talent retention, and organization effectiveness.
“Closing the skills gap requires effective and sustainable partnerships with academia, the private and public sectors, suppliers and other stakeholders. For any organization to achieve success in this area, its HR strategy must be supported by a dynamic employment value proposition (EVP), a corporate culture of performance, innovation and excellence, and a holistic long-term investment in human resources development from hire to retire,” she said.