Saudi Arabia’s Aramco, the biggest oil-exporting company in the world, said it has expanded its Namaat industrial programmes, signing 55 agreements with local and international companies across different sectors so far.
Growing from 32 to 55 investments since last year, Namaat aims to boost industrial investment partnerships, and ultimately help create jobs for Saudis and stimulate national growth and capacity building, the state oil company said in a statement.
“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, senior vice president of technical services at Aramco, said.
“Our collaboration with industry leaders in areas of strategic importance for the Kingdom, demonstrates how Aramco is creating National Champions that will bring long-term benefits to our value chain, our economy and our people,” he added.
The recently signed deals include those with Honeywell, Shell, Accenture, Hyundai, as well as a host of local companies across sustainability, digital, industrial, manufacturing and social innovation sectors.
According to Aramco, 19 out of the 22 deals it signed last year under Namaat has “already reached fruition” with a total investment of $3.5 billion.
Namaat is part of Saudi Arabia’s wider push to modernise its economy, diversifying its income source away from oil dependence.
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