Saudi Aramco signs MoU to develop cities, empower local communities

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Saudi Aramco and Modon have signed an MoU to develop promising cities and empower local communities and women to work in industrial cities. (Spa)
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Saudi Aramco and Modon have signed an MoU to develop promising cities and empower local communities and women to work in industrial cities. (Spa)
Updated 07 May 2018
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Saudi Aramco signs MoU to develop cities, empower local communities

  • The deal will enable the top oil exporter and the property authority to establish development projects and encourage female employment.
  • Aramco can conduct feasibility studies, plan projects, assess suitable partners, and submit project designs.

RIYADH: Saudi Aramco has signed a memorandum of understanding (MoU) with Saudi Industrial Property Authority (Modon) to enhance a joint collaboration in developing industrial cities in the kingdom, the Saudi Press Agency said.

The deal will enable the top oil exporter and the property authority to establish development projects and encourage women employment, in adherence with the Kingdom’s Vision 2030 and the National Transformation Program 2020.

The deal was signed by Aramco Vice President Nasser Al Nafisi and Modon General Manager Khalid Al Salem.

Aramco said in a statement issued on Monday the preliminary deal will allow both parties to enhance the economies of promising cities in the kingdom by utilizing their natural resources.

The deal also includes localizing industries through launching high-quality development projects that are aimed at boosting the Saudi gross domestic product (GDP). Along with providing job opportunities and developing suitable business environments for women, individuals with disabilities and the low-waged.

It also stipulates that Aramco can conduct feasibility studies, plan projects, assess suitable partners, and submit project designs.

While Modon will provide sites for the proposed projects in its industrial cities, provide the necessary incentives and tackle any potential work-related obstacles.


US’ Mnuchin says talk about sanctions premature, will visit Riyadh to meet with counterpart

Updated 21 October 2018
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US’ Mnuchin says talk about sanctions premature, will visit Riyadh to meet with counterpart

JERUSALEM, Oct 21 : US Treasury Secretary Steven Mnuchin said on Sunday it was premature to comment on possible US sanctions against Saudi Arabia for the death of Saudi journalist Jamal Khashoggi until an investigation had been completed.
Mnuchin said information so far on the investigation was “a good first step but not enough” as Riyadh faced increasing international pressure over what happened to Khashoggi, who disappeared after he entered the Saudi consulate in Istanbul on Oct. 2.
US President Donald Trump, who has said the United States would consider sanctions against Saudi Arabia, emphasized on Saturday that he was not satisfied with the Saudis’ handling of the case.
“It would be premature to comment on sanctions and premature to comment on really any issues until we get further down the investigation and get to the bottom of what occurred,” Mnuchin told reporters in Jerusalem.
Mnuchin confirmed that he would not attend a Saudi investment conference on Tuesday. However, he said he would visit Riyadh as planned for talks with his counterpart on joint efforts to counter terrorist financing and plans by Washington to reimpose sanctions against Iran in November.
“I did not think it was appropriate to go and speak at this conference but we continue to have important issues with Saudi and that is why I am going there,” Mnuchin said.
The visit, he said, was necessary as Washington prepares to reimpose sanctions against Iran.
He said he had no reason to believe that Saudi Arabia would renege on commitments to make up for any shortfall in global oil supplies as Iranian oil exports are curbed under the sanctions.
“I have no reason to believe that they are not going to honor those commitments,” said Mnuchin, who will meet Saudi Energy Minister Khalid Al-Falih while in Riyadh.