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In Kingdom Total Value Add (IKTVA) program is created to steer domestic value creation and maximize long-term economic growth and diversification to support a rapidly changing economic environment. It is a vital program for Saudi Aramco to create value in every aspect of the business, maximizing long-term economic growth and diversification.
IKTVA is now an integral part of Saudi Aramco procurement that requires participation in doing business with Saudi Aramco.
How to participate in IKTVA?
IKTVA participation involves two steps:
- IKTVA baseline: IKTVA survey that measures and identifies a company’s current IKTVA score.
- Action plan: Once the baseline has been identified, the company and Saudi Aramco can work together to develop a 5-year IKTVA action plan to improve the IKTVA ratio.
How to identify IKTVA baseline?
- A company needs to download the IKTVA package that includes the IKTVA survey and other supporting documents.
- The IKTVA survey needs to be completed and certified by one of the approved audit firms.
- Once the survey is certified by the audit firm. Companies need to submit all certified documents via the IKTVA Survey Submission form.
How to develop an IKTVA action plan?
Use the current IKTVA score as a starting point for your 5-year IKTVA action plan; utilizing the available guide, a company will find that they have collected a tremendous amount of valuable data. The company must take this information and present it in a way that tells a detailed story of how they plan to achieve the desired goals outlined in the IKTVA program.