Saudi Aramco Signs Deals Worth $34 Billion

Oil giant Saudi Aramco said it signed has signed 15 strategic and commercial collaborations worth $34 billion with 15 partner companies from eight countries at the Future Investment Initiative (FII) forum in Riyadh, Saudi Arabia.

The memoranda of understanding (MoUs) reflect both Saudi Aramco’s and the Kingdom’s international partnership strategies and the determination to diversify the economy, enhance the domestic investment environment and boost employment opportunities.

The MoUs support Saudi Aramco’s forward-looking strategy across business units, including downstream, offshore, and engineering. It engages with companies representing eight countries including major businesses in France, China, the US, Japan, the UAE, the UK, South Korea and India.

In the area of job creation, Saudi Aramco has proactively pursued opportunities to pilot the high value job creation in the Kingdom, increasing opportunities for Saudi citizens over the next 10-15 years with anchor projects, including the King Salman International Complex for Maritime Industries and Service in Ras Al Khair which will generate in the region of 30,000 direct and 50,000 indirect jobs.

The Future Investment Initiative is an ideal platform to attract international investments and to capitalize on emerging new opportunities that are fast emerging with Vision 2030.

Saudi Aramco is playing a pivotal role, alongside many national stakeholders, in enabling new industrial and business partnerships in the Kingdom thanks to its position as a global energy powerhouse, and as reflected in our major investments and partnerships globally, not only in core oil and gas and downstream, but also in pursuing advanced technologies and energy-related value-adding activities.

Saudi Arabia’s infrastructure, both physical and digital, has witnessed an extraordinary advancement. This is integral to today’s advanced industrial activities. It attracts investors and enhances the fundamental competitiveness of the Saudi economy.

 

Source Credit: Trade Arabia