The Saudi Arabian Oil Company has announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding across the sustainability, digital, industrial, manufacturing and social innovation sectors. This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programs that aim 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 USD3.5 billion. The new agreements bolster Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains. They includeKent & Nesma; Larsen & Toubro and Gulf Consolidated ContractorsSamsung Engineering & Al-Rushaid GroupHyundai & Al-Rashid Trading & Contracting CoSaipem & Nasser S Al-Hajri CorporationSinopec Shanghai Engineering & Abdel Hadi Abdullah Al-Qahtani & SonsSix joint ventures involving the engineering, procurement and construction of new projectsHoneywell – Joint venture to develop and implement digital technology solutions across industrial facilitiesArmorock and AlKifah Precast – Joint venture to localize the use of polymers in concrete productionShell & AMG Recycling and United Company for Industry – Signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facilityAccenture, Al Gihaz Holding and Impulse Partners – Consortium for establishing and operating the Spark Digital CenterNamaat, 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 aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.
The Saudi Arabian Oil Company has announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding across the sustainability, digital, industrial, manufacturing and social innovation sectors. This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programs that aim 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 USD3.5 billion. The new agreements bolster Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains. They includeKent & Nesma; Larsen & Toubro and Gulf Consolidated ContractorsSamsung Engineering & Al-Rushaid GroupHyundai & Al-Rashid Trading & Contracting CoSaipem & Nasser S Al-Hajri CorporationSinopec Shanghai Engineering & Abdel Hadi Abdullah Al-Qahtani & SonsSix joint ventures involving the engineering, procurement and construction of new projectsHoneywell – Joint venture to develop and implement digital technology solutions across industrial facilitiesArmorock and AlKifah Precast – Joint venture to localize the use of polymers in concrete productionShell & AMG Recycling and United Company for Industry – Signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facilityAccenture, Al Gihaz Holding and Impulse Partners – Consortium for establishing and operating the Spark Digital CenterNamaat, 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 aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.
