Aramco signs multiple deals to expand industrial investment programme
DUBAI: Saudi Aramco announced plans to expand Namaat, its industrial investment programme, signing multiple deals with the global companies to build capacity in critical sectors, Arab News reported.
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.”
The companies that signed the deals with Aramco included 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 said the Namaat programme leverages a range of finance, funding, tax and regulatory incentives through the Shareek programme, a government initiative aimed at boosting its synergy with the private sector.
Aramco unveiled the first set of deals under the programme 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 localise the industrial supply chain, and create better jobs and skill sets,” Al-Rumayyan added.
The 22 new MoUs signed under the Namaat programme included:
SOLVAY: An MoU with the goal to pursue the development of advanced non-metallic materials and localisation 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 and Haliburton and PIF, Baker Hughes and PIF, Linde and Schlumberger and PIF: Three separate non-binding MoUs to evaluate carbon capture and sequestration 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 localising nature-based solutions;
Honeywell: An MoU with the goal to establish a joint venture that will develop and implement next-generation digital solutions that will improve efficiency, sustainability and enable operational excellence of industrial facilities;
Gulf Modular Industry: An 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: An MoU to validate the feasibility of developing and using non-metallic polymer concrete applications in the building and construction sector;
Shell AMG Recycling and 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 localise 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.
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