Arab News, Wednesday, Sep 8, 2021 | Muharram 30, 1443
Aramco signs multiple deals to expand industrial investment program
Saudi Arabia:
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.
The 22 new MoUs
signed under the Namaat program include:
SOLVAY – an MoU with the goal to pursue the
development of advanced Non Metallic Materials and localization of a composite
value chain;
DHL Supply Chain – an arrangement to evaluate
the feasibility of establishing a local industrial logistics and procurement hub
serving Saudi Arabia and MENA region.;
VEOLIA – Exclusive MOU to confirm the
commercial feasibility of establishing a world-class integrated waste management
company, alongside a strategic IK stakeholder;
Air Liquide & Haliburton & PIF, Baker Hughes &
PIF, Linde & Schlumberger & PIF – three separate non-binding MoUs to evaluate
Carbon Capture & Sequestration (CCS) opportunities and potential partnerships
AIC Steel, GSW, McDermott, Seyang and Sendan,
and NARMEL – five separate MoUs on modular construction;
Samsung Engineering, Hyundai and Saipem - three
separate MoUs on Engineering, Procurement and Construction;
Elion and Green Groves – two separate MoUs to
evaluate the feasibility of localizing nature-based solutions;
Honeywell – an MoU with the goal to establish a
JV that will develop and implement next-generation digital solutions that will
improve efficiency, sustainability and enable operational excellence of
industrial facilities;
Gulf Modular Industry (GMI) – MoU to validate
the feasibility of developing and using non-metallic applications in the modular
building manufacturing process in the building and construction sector.
Armorock – MoU to validate the feasibility of
developing and using non-metallic polymer concrete applications in the building
and construction sector.;
Shell AMG Recycling & United Company for
Industry – a trilateral MoU on Metals Reclamation and Catalyst Manufacturing;
AVEVA – an MoU with the goal to establish a
strategic alliance to localize development and deployment of various digital
technologies including Artificial Intelligence (AI), Machine Learning (ML), and
Digital Twin; and
Baosteel – an MoU to conduct an engineering
study and develop plans needed to build, own and operate an integrated steel
plate manufacturing facility in Saudi Arabia.