Saudi Aramco has said it is on track to make a capital expenditure of about $400bn in the next 10 years to achieve the localisation goals of its In Kingdom Total Value Add (IKTVA) programme.

Aramco launched IKTVA in December 2015 with the prime objective of increasing local content generation to 70 per cent by end of 2021, by getting its suppliers across the value chain to commit to its localisation goals.

Ahead of its IKTVA forum in Dhahran, the state energy producer said in a statement the scheme will provide the Saudi labour market with 360,000 graduates from 30 Aramco training centres and institutes by 2030.

MEED had previously reported that Aramco was planning to host an event on 26 and 27 November for investors as a means of promoting its IKTVA policy, as well as presenting investment opportunities at its upcoming King Salman Energy Park (Spark) industrial project.

Since the IKTVA programme launch, 98 local businesses have registered to do business with Aramco, while 90 local businesses have expanded their operations and were approved for new production lines, the statement said.

"IKTVA has become a roadmap leading efforts to develop the supply of goods and services, and help establish a national energy sector capable of competing on the world level and capable of exporting 30 per cent of its production to global markets," the statement read.