Program has expanded from 32 to 55 investments since last year.
Ahmad A. Al-Sa’adi, Aramco senior vice president of Technical Services, speaks at Namaat 2022 Industrial Investments on Tuesday, July 5. (Photo: Moayed Al-Qattan/MPD)
Today (July 5), Aramco announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memorandums 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 program strives to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.
Ahmad A. 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.”
— Ahmad A. Al-Sa’adi
This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programs that strive to add value and support sustainable growth. It also represents significant progress for the program, 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. They include:
- Kent and Nesma; Larsen & Toubro and Gulf Consolidated Contractors; Samsung Engineering and Al-Rushaid Group; Hyundai and Al-Rashid Trading & Contracting Co. (RTCC); Saipem and Nasser S. Al-Hajri Corporation (NSH); and Sinopec Shanghai Engineering Co. Ltd. (SSEC) and Abdel Hadi Abdullah Al-Qahtani & Sons Co. (AHQ) — Six joint ventures involving the engineering, procurement and construction of new projects.
- Honeywell — Joint venture to develop and implement digital technology solutions across industrial facilities.
- Armorock and AlKifah Precast — Joint venture to localize the use of polymers in concrete production.
- Shell and 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.
— The Arabian Sun: July 06, 2022