Saudi Aramco signs deal to develop supply chain with KBR

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Saudi Aramco signs deal to develop supply chain with KBR

Saudi Aramco’s commitment to develop a competitive and reliable local supply chain through its In-Kingdom Total Value Add (IKTVA) program was given a significant boost with the signing of a Memorandum of Understanding (MoU) with one of its key supply chain partners, Kellogg Brown & Root Limited (KBR).

Hosted by Saudi Aramco president and CEO Amin Nasser, the MoU signing was the latest major milestone for the ambitious IKTVA program, which strives to expand business operations that help drive value creation and maximize long-term economic growth, diversification, job creation, and workforce development to support a rapidly changing business environment. The program will enable the company to achieve at least 70% of its procurement spending within the Kingdom’s supply chain by 2021.

With the Kingdom’s Vision 2030 plan, IKTVA is part of a broad-based effort to strengthen and diversify the Saudi economy, through the localization of key manufacturing and service industries within the Kingdom, and the creation of thousands of new jobs for talented young Saudi citizens.

Nasser and KBR’s president and CEO, Stuart Bradie, signed the MoU in the presence of Technical Services senior vice president Ahmad A. Al Sa’adi, Procurement and Supply Chain Management acting executive director Mohammed Al Shammari, as well as KBR’s president of Engineering and Construction for the Middle East and North Africa, Jay Ibrahim.

By signing the MoU, KBR has committed itself to a five-year action plan to expand and develop KBR’s physical and human capital within the Kingdom to promote Saudi Aramco’s interests in creating and maintaining a reliable local supply, as well as fortifying the local economy through localizing goods and services. The IKTVA action plan will help to ensure that KBR remains compliant with the IKTVA program and will aid Saudi Aramco in meeting the 2021 objectives.

The action plan includes provisions for cooperation between the two companies, including the sharing of information to help Saudi Aramco monitor KBR’s compliance with the IKTVA action plan, as well as provisions for business development, in which both parties can seek opportunities to expand their current business relationship.

Source: www.saudiaramco.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.