Aramco signs around $7.2bln worth of agreements to boost industrial ecosystem

Saudi Aramco announced on Monday that it has signed over 100 agreements and memoranda of understanding (MoUs) valued at around $7.2 billion to advance a diverse, sustainable and globally competitive industrial ecosystem in the Kingdom. The In-Kingdom Total Value Add (iktva) program has achieved 63 percent local content in 2022, up from 35 percent since its official launch in 2015, the oil giant said in a statement. Ahmad A Al-Sa’adi, Aramco’s Executive Vice President of Technical Services, said: “The local supplier ecosystem is a top priority for Aramco and a major contributor to the Kingdom’s economy. Through this mega programme, we are helping to create a culture of innovation and provide high-quality jobs for our growing population.” He added that the launch of Aramco Digital Company is an excellent example of such innovation in action, providing AI and emerging technology expertise in a vital sector of the economy. Since iktva’s inception, more than 150 investments have been made in Kingdom, including products manufactured for the first time in the country. Some of the major agreements are: - Taulia: Collaboration to implement supplier financing solutions -DHL: Intention to enter a definitive agreement to form a joint venture and offer procurement and supply chain services -Ministry of Investment of Saudi Arabia: Development and promotion of investment opportunities and the regional headquarters programme -Accenture: System Integration and Digital Solution Services -Hassana Investment Company: Establishment of a facility management national champion -Achilles: Development and localisation of Environmental, Social, and Governance (ESG) rating services (Writing by D Madhura; Editing by Anoop Menon) (anoop.menon@lseg.com)

Aramco signs around $7.2bln worth of agreements to boost industrial ecosystem

DISCOVER MORE

Greece’s Mytilineos eyes building solar, battery storage projects in Egypt

Afreximbank grant to facilitate intra-African trade via Nigeria’s inland waterways

DP World develops edible oil terminal at Port of Berbera

Saudi cement sales slightly rebound in Feb

Egypt to build 5 factories for pharmaceutical raw materials

Saudi cement firm to award contract for Jazan production line soon

Kenya’s $21mln sugar factory to start trial run in August

Africa’s announced electrolyser capacity pipeline has reached 114GW – Rystad Energy

Five African cities hold more than 50% of continent's private wealth

AI may affect 300mln full-time jobs: Goldman Sachs

UAE approves 24 national initiatives to double re-export industry

BP and UAE's ADNOC bid for stake in NewMed Energy

UAE banking sector to remain stable in 2023 – KPMG

Mammoet plays key role in Saudi fertilizer plant upgrade

Saudi: Modon gets key EU accreditation for institutional excellence

Saudi awards 124 new industrial projects

What's in the EU's green industrial plan?

Saudi investment in industrial sector soars to $380trln

LATEST VIDEO

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

ZAWYA COVERAGE

UAE President appoints Abu Dhabi Crown Prince, deputy rulers

Middle East, Asia-Pacific airfares surge 53%, pose threat to recovery of aviation sector - ACI

DP World develops edible oil terminal at Port of Berbera

Maldives airport temporarily shut down after Flydubai aircraft suffers tire burst on landing

DFM introduces 'Omnibus Accounts' to enhance market access

Portugal's rents hit record high amid cost of living crisis

Egypt to raise allocation for food subsidies by 20% in FY 2023/24 draft budget

IMF and Seychelles reach over $100mln staff-level agreement

Nuclear row looms over EU renewable energy talks

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE