Saudi Aramco and Siemens have inked several agreements to collaborate in the fields of renewable energy, research and development, as well as digitalisation in the oil and gas industry during the recent In Kingdom Total Value Add (IKTVA) Forum in Dammam, Saudi Arabia.

Amin Nasser, president and CEO of Saudi Aramco, said: “Saudi Aramco’s agreements with Siemens resonates with the overall goals of the IKTVA programme where partners collaborate closely to drive additional domestic value creation, support the Kingdom’s economic transformation and enable the future prosperity of the Kingdom. The participation of partners like Siemens in IKTVA is crucial to enabling a sustainable and competitive world-class Saudi energy sector.”

The IKTVA programme, which marked its first anniversary at the IKTVA Forum this month, is instrumental in leveraging opportunities to drive additional domestic value creation and support a rapidly changing Saudi economy.

Joe Kaeser, president and CEO of Siemens AG, said: “While factors such as economics, technology and organisational capability continue to drive competition, the localisation of value chains in Saudi Arabia is a compelling driver for the Kingdom’s Vision 2030. Our strategy resonates with this approach because we believe that business must add lasting value to communities. Localisation is therefore critical for further advancing  of Saudi Arabia.”

Siemens investments in the expansion of its local footprint expansion across the value chain translates into creating quality jobs for Saudi nationals, enhancing innovation, economic diversification and increased global competitiveness for the kingdom.

Furthermore, Siemens signed an MoU with the MiSK Foundation, an independent non-profit organisation that aims to advance youth development in technology, business and arts.