Saudi oil giant Aramco has announced a major expansion of its Namaat industrial investment programme with 55 MoUs across the sustainability, digital, industrial and manufacturing sectors. Namaat is a catalyst for economic diversification and helps create jobs for Saudis.

 

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 program and other initiatives.

 

Senior Vice President (Technical Services) Ahmad Al Sa’adi 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," he noted.

 

Al Saadi said this latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programmes that aim to add value and support sustainable growth. 

 

It also represents significant progress for the programme, with 19 of the 22 MoUs signed last year already reaching fruition, with a total investment of $3.5 billion.

 

The new agreements bolster Aramco’s long-term growth strategy and the kingdom’s expanding energy and chemicals value chains. These include Kent & Nesma; Larsen and Toubro and Gulf Consolidated Contractors; Samsung Engineering and Al Rushaid Group; Hyundai and Al Rashid Trading and Contracting Company (RTCC); Saipem and Nasser S. Al-Hajri Corporation (NSH) and Sinopec Shanghai Engineering Company (SSEC) and Abdel Hadi Abdullah Al Qahtani and Sons Company (AHQ).