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Commercial ecosystems
We believe focused innovation programs provide unique opportunities for entrepreneurs and ventures to expand their business. These programs can help boost job creation and economic growth, and offer them opportunities to participate in our expanding energy and chemicals supply chain. For us, localized supply chains mean we can maintain the reliability and efficiency of our operations.
In the past, the resilience of our network of local suppliers was shown during supply-chain disruptions. We were able to continue operations, and carry on delivering crude oil and refined products to our customers around the globe.
We have since continued to improve the reliability of our supply chains by forming and developing partnerships with global leaders in energy, logistics, and manufacturing, along with emerging talents in these industries and beyond.
Evolving the local business ecosystem
We have a wide array of programs designed to advise, guide, and support aspiring innovators and business owners while they incubate and validate their product or service, fast-track it to deployment, and launch it into the world. Our focus includes supporting local businesses and attracting foreign direct investment to deliver commercial, educational, and employment opportunities.
One cornerstone of this objective is our In-Kingdom Total Value Add (iktva) program. We launched the iktva program in 2015 to drive localization with the aim of enhancing the resilience of the energy sector and our energy delivery. It aims to localize 70% of our supply chains, to help boost their efficiency and increase exports of local energy goods and services.
The iktva program works to achieve this by attracting large-scale investments and building long-term relationships with strategic suppliers, to drive economic growth and support the vitality of the local commercial ecosystem.
Innovation hubs — our National Champions initiative
Another key area of focus for the Company is the National Champions initiative, which aims to speed the development of a sustainable-focused, hi-tech, industrial base in Saudi Arabia.
LAB7 is designed to bring the most promising ideas to life
The initiative brings together four complementary programs — LAB7, Wa’ed Ventures, Taleed, and Namaat. These programs work to add value throughout the venture life cycle in five emerging focus areas: industrials, digital, manufacturing, sustainability, and social innovations.
These business development programs are based around a world-class cluster of innovation hubs, which help entrepreneurs and organizations secure local and foreign direct investment. The programs help entrepreneurs respond to growth opportunities at all stages of the business cycle, from pre-seed to late stage.
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Nurturing the seeds of future growth
Through nurturing these commercial ecosystems, and supporting their various programs, we aim to ensure that more of the products and services we and the wider energy sector need can be supplied locally in Saudi Arabia.
By supporting local commercial, industrial, and digital business ecosystems, Aramco strives to continue ensuring its reliable delivery of energy to the world.