Aramco signs multiple deals to expand industrial investment program

Sunbd Desk || Published: 2021-09-07 15:22:25 || Updated: 2021-09-07 15:22:25

Saudi Aramco announced plans to expand Namaat, its industrial investment program – signing multiple deals with global companies to build capacity in critical sectors.

The Saudi-listed company said it signed 22 new memoranda of understanding (MoUs) and a joint venture agreement – all focusing on sustainability, technology, industrial and energy services, and advanced materials.

Namaat, which roughly means collective growth in Arabic, was formed to “tap into the vast opportunities in Saudi Arabia to create new value.”

Companies that signed the deals with Aramco include DHL, Samsung, Hyundai, and Honeywell, as well as British technology firm AVEVA.

“Through Namaat, we are attracting world-class partners who share our goal of continuous industrial development,” Ahmed Al-Sa’adi, the company’s senior vice president of technical services, said.

He added the Namaat program leverages a range of finance, funding, tax and regulatory incentives through the Shareek program, a government initiative aimed to boost its synergy with the private sector.

Aramco unveiled the first set of deals under the program last year, as part of its ongoing push to diversify income sources, in line with the Kingdom’s economic transformation goals.

“Aramco continues to be at the forefront of enabling and enhancing the Kingdom’s industrial, technology and sustainability infrastructure through large-scale investments and key partnerships,” its chairman, Yasir Al-Rumayyan, said.

The agreements are seen to drive economic growth and diversification.

“(The initiatives) will ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skill sets,” Al-Rumayyan added.

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