Wednesday 17 August 2022

Aramco expands Namaat industrial investment programme

RIYADH, July 5, 2022

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).
Aramco said the deals were also signed with a joint venture led by global technology and automation giant Honeywell to develop and implement digital technology solutions across industrial facilities; as well as Armorock and AlKifah Precast JV to localize the use of polymers in concrete production.
Shell & AMG Recycling and United Company for Industry (UCI) have also signed the vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility.
In addition this, a consortium comprising Accenture, Al Gihaz Holding and Impulse Partners has inked a deal for establishment and operation of Spark Digital Center.-TradeArabia News Service


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