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Aramco expands industrial investment programmes

Industry

Aramco has announced a major expansion of its Namaat industrial investment programmes, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing and social innovation sectors

Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building. The programme aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek programme and other initiatives.

Ahmad Al-Sa’adi, Aramco senior vice president of technical services, said, “Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty. Our collaboration with industry leaders in areas of strategic importance for the Kingdom, demonstrates how Aramco is creating National Champions that will bring long term benefits to our value chain, our economy and our people.”

The new agreements bolster Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains. They include:

•Joint ventures involving the engineering, procurement and construction of new projects with Kent & Nesma; Larsen & Toubro and Gulf Consolidated Contractors; Samsung Engineering & Al-Rushaid Group; Hyundai & Al-Rashid Trading & Contracting Co. (RTCC); Saipem & Nasser S. Al-Hajri Corporation (NSH); and Sinopec Shanghai Engineering Co. Ltd (SSEC) & Abdel Hadi Abdullah Al-Qahtani & Sons Co. (AHQ) 

• Honeywell – Joint venture to develop and implement digital technology solutions across industrial facilities

• Armorock and AlKifah Precast – Joint venture to localise the use of polymers in concrete production

•Shell & AMG Recycling and United Company for Industry (UCI) – Signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility

• Accenture, Al Gihaz Holding and Impulse Partners – Consortium for establishing and operating the Spark Digital Center.

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Amin H. Nasser, CEO of Aramco. (Image source: Aramco)

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Source: SafeStart

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Source: SafeStart

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