Saudi Aramco Announces 2030 75% Local Content Target ($28B Opportunity)

Saudi Aramco has surpassed its 70% local content goal under the In-Kingdom Total Value Add (iktva) program and aims to raise it to 75% by 2030. Since 2016, iktva has contributed over $280 billion to Saudi GDP and created more than 200,000 direct and indirect jobs. The state-controlled oil major reported 70% of its goods and services are now sourced locally, including over 200 localization opportunities across 12 sectors with a combined annual market opportunity of $28 billion. This shift enhances supply chain resilience and supports Vision 2030 by building a regional manufacturing hub for oilfield services and industrial equipment. The 75% target by 2030 is expected to drive continued capital into domestic manufacturing and services, offering growth prospects for Saudi-listed industrial and materials firms while intensifying competition for international oilfield service providers lacking a local manufacturing footprint.