- Creates a framework for the AlRushaid Samsung EPC Joint Venture to increase Saudization and achieve IKTVA targets
- Aims to introduce new technology and innovations within engineering and construction in alignment with the Aramco Namaat program ambitions
Dhahran, Saudi Arabia: Al Rushaid Group, a leading Saudi-owned conglomerate excelling in creating and growing companies in multiple sectors, including oil & gas, energy services, construction, mining, agriculture, healthcare, and real estate, has announced the signing of an agreement between ARPIC, Samsung, and Aramco to create a National EPC (Engineering, Procurement and Construction) JV within the Kingdom (the "Agreement").
The formal agreement signing between Samsung Engineering, Al Rushaid Petroleum Investment Company (ARPIC), and Saudi Aramco took place earlier. Samsung Engineering's President and CEO Sungan Choi, Saudi Aramco’s Abdulkarim Ghamdi, Vice President of Project Management and ARPIC’s CEO and Chairman, Rasheed Al Rushaid attended the Namaat event and previously signed the agreement.
The agreement will create an EPC Champions Joint Venture by ARPIC and Samsung. The new EPC joint venture aims to increase Saudization levels, maximize iktva targets, and deploy leading construction technologies in alignment with the Saudi Aramco Namaat program. With the signing of this agreement, ARPIC and Samsung make a commitment to form a new EPC company established in KSA and targeting EPC projects from Saudi Aramco and other customers in the Kingdom.
Commenting on the occasion, Rasheed Al-Rushaid, Chairman, President and CEO of AlRushaid Petroleum Investment Company, said, "Today marks a significant milestone in the AlRushaid Group's journey. The signing of this agreement with our esteemed partners at Samsung Engineering and Saudi Aramco is in line with our mission to provide a vehicle through which the most innovative professional companies in the world can be responsive to the development needs of the Kingdom of Saudi Arabia. We believe that this project will drive further investment and growth in the Saudi economy, in alignment with the goals of the Saudi Vision 2030."
Mr. Sung An Choi, CEO of Samsung Engineering, commented, "Samsung Engineering is committed to long-term business in Saudi Arabia. Partaking in Saudi Aramco’s Namaat program and its National EPC Champion initiative gives Samsung a great opportunity to be a respected partner of the Al Rushaid Group and continue to uphold our commitment. We are confident of providing the best services by leading the way in digital innovation and automation solutions while leveraging our extensive experience in the Kingdom of Saudi Arabia."
The EPC National Champions Initiative under the Aramco Namaat program aims to develop robust EPC National Champions with multi-sector capabilities. Each EPC National Champion is envisaged to capitalize heavily on partnerships with strong international and regional companies, while contributing to the Saudi economy.