Symposium on “4th Industrial Revolution and iktva Support”

Saudi Aramco participated today in the Eastern Province Chamber of Commerce symposium on the “4th Industrial Revolution and iktva support.” The event highlighted the investment opportunities offered by the advent of the 4th Industrial Revolution and the role of small and medium enterprises (SMEs).

The event, which was attended by investors and industrialists as well as representatives from the public and private sectors, was opened by Abdulhakeem Al Khalidi, EP Chamber president who welcomed Saudi Aramco participation, praising its support for such gatherings which provide an impetus for the economic and investment climate in the Eastern Province.

Saudi Aramco’s Manager for Industrial Development and Strategic Supply, Abdullah Al Thaali, thanked the EP Chamber of Commerce for providing a platform for the private sector and investors to learn about the 4th Industrial Revolution and the investment opportunities in this area. Al Thaali explained that Saudi Aramco’s localization initiative iktva has acted as an incubator for localization investments, especially for small and medium enterprises. He said that since it was launched, iktva has achieved an average of 45% localization success rate, with local purchases of good reaching 50% in 2017, a record in the company’s history.

The event agenda included a presentation and round-table discussion on Saudi Aramco’s iktva program and its role in support of the national economy through the localization and value addition of the local industry and technology sectors, as well as an explanation of the procedures for registration in the iktva program.

The Fourth Industrial Revolution is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. It is marked by emerging technology breakthroughs in a number of fields, including robotics, artificial intelligence, block chain, nanotechnology, quantum computing, biotechnology, the Internet of Things, 3D printing and autonomous vehicles.