Saudi Arabia’s Aramco expands Namaat industrial investment programs
The Saudi Arabian Oil Company (“Aramco”) has announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda 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, aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.
The latest phase of expansion for Namaat 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 bolstering Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains include:
- Six joint ventures involving the engineering, procurement and construction of new projects: Kent & Nesma; Larsen & Toubro and Gulf Consolidated Contractors; Samsung Engineering & Al-Rushaid Group; Hyundai & Al-Rashid Trading & Contracting Co. (RTCC); Saipem & Nasser S. Al-Hajri Corporation (NSH); and Sinopec Shanghai Engineering Co. Ltd (SSEC) & Abdel Hadi Abdullah Al-Qahtani & Sons Co. (AHQ)
- 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 & 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
Aramco’s legal team is led by Nabeel A. Al Mansour (pictured) Aramco’s senior vice president, general counsel and corporate secretary.