Aramco, the Saudi national oil and gas company, has announced a major expansion of its industrial investment program, with the inclusion of world-class partners such as France's Veolia and Air Liquide.
Aramco is targeting value creation opportunities in sustainability, technology, industrial and energy services, and advanced materials. Namaat, which means growth in Arabic, is an industrial investment program designed to stimulate growth and economic diversification in the country. In the process, the Kingdom’s industrial, technological and sustainable infrastructure will be improved.
A vast expansion program
The oil giant recently announced a major expansion, with the signing of 22 new memoranda of understanding, as well as a joint venture agreement. The aim of these agreements is to strengthen four key sectors of the group: sustainability, technology, energy and materials. It is thus perfectly in line with the development of the Saudi industrial ecosystem.
Good news for French companies…
Among the many new partnerships is the French company Veolia. The waste management giant has an exclusive memorandum of understanding to confirm the commercial feasibility of creating a world-class integrated waste management company. Air Liquide is also among the 22.
This is a boon for many companies that are “offered the opportunity to participate in Aramco’s long-term growth strategy and to play a key role in the Kingdom’s expanding energy and chemical supply chain,” as Amin H. Nasser, Aramco’s CEO, puts it. He adds, “The benefits for all involved are many and mutual and I am proud that Aramco will continue to be a catalyst at the heart of the Kingdom’s transformation, mobilizing its expertise and resources to champion new markets and growth sectors.”
… but not only for them!
Aramco’s senior vice president of technical services, Ahmed Al-Sa’adi, said, “Through Namaat, we are attracting world-class partners who share our goal of continued industrial development. These partnerships illustrate Saudi Arabia’s strong appeal to international companies and pave the way for new innovations in materials, processes and solutions.” Indeed, the list includes such industry flagships as Belgium’s Solvay, Germany’s DHL, and Korea’s Samsung.