IKTVA is a program to enhance the total value added of the supply sector in the Kingdom. It is specifically designed to create and increase the value of local content, and drive long-term economic growth. This program creates value in all aspects of business. Therefore, many establishments seek to partner and contribute to the iktva program in order to obtain its amazing and countless advantages for business and the Kingdom at the same time.
What is the iktva program?
The iktva program in Saudi Arabia is designed to guide increased investment, economic diversification, job creation and workforce development within the Kingdom of Saudi Arabia. This program prioritizes creating local value and quality local content. The program seeks to achieve a set of goals in the Kingdom, the most important of which are:
Increasing the amount of goods and services produced in Saudi Arabia.
Creating job opportunities for Saudi citizens.
Establishments registered in iktifah must also prove that they:
You buy locally manufactured goods and services.
Hiring a large number of local employees.
Based on the foregoing, the facility is awarded a “sufficiency degree”; The higher the establishment points, the more likely you are to be selected as the first service provider by Saudi Aramco. Points are awarded according to the following points taken into account by the sufficiency program:
The amount of local content in goods and services.
Salaries paid to Saudi nationals.
Training and development of Saudis.
Spending on developing suppliers.
Research and development.
Company revenue.
How can the iktva program benefit your business?
Obtaining a degree of sufficiency as a Saudi facility in the Kingdom has the ability to achieve the following for your business:
Increase employment opportunities with Saudi Aramco and others in the Kingdom of Saudi Arabia.
Motivation towards developing a cost effective local workforce.
Making goods and services more competitive locally, regionally and globally.
Helping to develop new products, services and technologies through partnerships inside and outside the Kingdom.
All of which will lead to greater business performance and a more diversified economy.
The impact of the sufficiency program on the Saudi economy is sustainable, wide-ranging and long-term, which will lead to:
Creating quality jobs for the Kingdom’s citizens.
Industrial innovation and diversification.
Improve global competitiveness.
In addition to the direct benefits, suppliers will gain access to a highly skilled Saudi workforce and will be recognized as prioritizing value creation that can lead to increased market expansion opportunities throughout the Kingdom and beyond. Not to mention that the iktva program is essential for your business thanks to the competitive cost, quality, system and safe environment in which your business can grow.
How can we help you in Moath’s office to register for the iktva program?
In addition to meeting the basic criteria required to enroll in the program, there are a set of steps that may be a little complicated in order to successfully participate in the program, namely:
Complete a sufficiency questionnaire to generate a sufficiency score.
Preparing an investment plan.
Submit the questionnaire along with the required supporting documents to an accredited auditing facility for certification.
Submit approved documents online to Saudi Aramco for review.
For the investment plan, all facilities are required to prepare a dedicated investment plan for a period of five years. The document includes:
Company overview and investment type
Provide consultation in the program with the aim of increasing the percentage of local content.
The size of the planned investment
Local content products or services
sources of raw materials
target market
Job creation and Saudization, including a local workforce and training programme
Planned site
Planned investment schedule
Export plan (if any)
Therefore, we at Muath’s office save you the trouble of complicating this process and help you register and successfully participate in the iktva program by assisting in reviewing the iktva questionnaire and submitting it to the Saudi Aramco-accredited auditor, in addition to assisting in formulating the five-year investment plan and other necessary processes for successful registration.
How can the iktva program benefit your business?
Obtaining a degree of sufficiency as a Saudi facility in the Kingdom has the ability to achieve the following for your business:
Increase employment opportunities with Saudi Aramco and others in the Kingdom of Saudi Arabia.
Motivation towards developing a cost effective local workforce.
Making goods and services more competitive locally, regionally and globally.
Helping to develop new products, services and technologies through partnerships inside and outside the Kingdom.
All of which will lead to greater business performance and a more diversified economy.
The impact of the sufficiency program on the Saudi economy is sustainable, wide-ranging and long-term, which will lead to:
Creating quality jobs for the Kingdom’s citizens.
Industrial innovation and diversification.
Improve global competitiveness.
In addition to the direct benefits, suppliers will gain access to a highly skilled Saudi workforce and will be recognized as prioritizing value creation that can lead to increased market expansion opportunities throughout the Kingdom and beyond. Not to mention that the iktva program is essential for your business thanks to the competitive cost, quality, system and safe environment in which your business can grow.
How can we help you in Moath’s office to register for the iktva program?
In addition to meeting the basic criteria required to enroll in the program, there are a set of steps that may be a little complicated in order to successfully participate in the program, namely:
Complete a sufficiency questionnaire to generate a sufficiency score.
Preparing an investment plan.
Submit the questionnaire along with the required supporting documents to an accredited auditing facility for certification.
Submit approved documents online to Saudi Aramco for review.
For the investment plan, all facilities are required to prepare a dedicated investment plan for a period of five years. The document includes:
Company overview and investment type
Provide consultation in the program with the aim of increasing the percentage of local content.
The size of the planned investment
Local content products or services
sources of raw materials
target market
Job creation and Saudization, including a local workforce and training programme
Planned site
Planned investment schedule
Export plan (if any)
Therefore, we at Muath’s office save you the trouble of complicating this process and help you register and successfully participate in the iktva program by assisting in reviewing the iktva questionnaire and submitting it to the Saudi Aramco-accredited auditor, in addition to assisting in formulating the five-year investment plan and other necessary processes for successful registration.