3rd April, Dubai
Dr. Constantin Frank – Fahle, attorney-at -law at SCHLÜTER GRAF Legal Consultants, has written an article regarding IKTVA and its impact on doing business with Saudi Aramco.
IKTVA stands for ¨ In Kingdom Total Value Add¨ programme. The progamme is designed to drive domestic value creation and maximize long-term economic growth and diversification to support a rapidly changing Saudi economy.
Much has been reported about the Kingdom of Saudi Arabia’s (KSA) attempts to diversify its economy and become less dependent from oil and gas. Investors engaging in business with Saudi Aramco will need to familiarize themselves with the IKTVA programme and its effects on their existing Middle East operations. So, players interested in doing business with Saudi Aramco will be required to set-up production facilities in KSA to offer local products in accordance with the IKTVA plan.
Read full article here.