Economic diversification in the region must be based on a robust, integrated, and holistic framework that integrates all the initiatives together to create a solid foundation, a senior Saudi Aramco official has said.
Saudi Aramco’s Senior VP of Operations & Business Services, Muhammad Al Saggaf, said: "This is what we have done in Saudi Arabia as our Saudi Vision 2030 represents a suitable platform for integrating multiple initiatives."
He was giving a keynote address at the opening session of the ASIS Middle East 2017 event organised by the International Society for Industrial Security in the Middle East, in Bahrain.
The conference is titled: “Economic Diversification and the Changing Business Landscape in the GCC.” Saudi Aramco is participating as a sponsor and “Knowledge Partner” in the event at The Ritz Carlton Bahrain Hotel in first week of November 7.
The theme of the event was “Securing Economic Diversification,” which addressed the trends of using security as an enabler to pursue economic development and diversification. Because of the interdependent relationship between risk management and ensuring the success of a business, the event focused on the challenges facing executives in the region as they make decisions concerning physical security, cybersecurity and management issues.
Al Saggaf added: “At Saudi Aramco, we have a pioneering initiative through our In Kingdom Total Value Add (IKTVA) programme, where we aim to increase our local content in goods, services, and labour to 70 per cent by the year 2021. As a strategic and cornerstone initiative launched by Saudi Aramco two years ago, IKTVA seeks to establish an efficient and reliable world-class supply chain and services ecosystem in Saudi Arabia.
"IKTVA also achieves one of the important objectives highlighted by Vision 2030, namely to increase the participation of small and medium size enterprises in the gross domestic product (GDP) of the Kingdom. Finally, it represents an important investment in the young talent of Saudi men and women as they represent a key element in IKTVA initiative."
ASIS Middle East 2017 provided a platform for companies and executives to attend sessions on multiple security-related topics such as IoT risks, maritime security, travel risk management, the potential risks of unmanned aerial vehicles, and the skillsets that will be required in the future for security professionals working in the energy industry.