Aramco signs $23.9bn deals for industrial investment program expansion, says CEO

Aramco signs $23.9bn deals for industrial investment program expansion, says CEO
Saudi Aramco CEO Amin Nasser
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Updated 08 September 2021

Aramco signs $23.9bn deals for industrial investment program expansion, says CEO

Aramco signs $23.9bn deals for industrial investment program expansion, says CEO

RIYADH: Saudi Aramco Namaat Program will enhance sustainability through industrial investments and supply chains, and will enhance sustainability in digital industries, through deals worth SR90 billion ($23.9 billion), CEO Amin Nasser revealed in an interview today.

The value of the 22 memorandums of understanding signed by Aramco and a project agreement within the Namaat program amounted to SR90 billion, he told Al Arabiya. 

These signed deals will contribute to supporting the Namaat Aramco program, which provides the company’s purchase, from global and national investors, great opportunities to participate in Saudi Aramco’s strategy to achieve future growth and sustainability, he said.

The Namaat program enables Aramco’s partners to play a vital role in increasing the added value in the energy and chemicals supply chain, according to Al-Nasser.

“Our partners can benefit from a wide range of financial and infrastructure incentives through the government partner program, and these initiatives will contribute to supporting the Namaat program, and encourage increased investments that enhance the technical and environmental aspects,” he said.

“The Kingdom is developing and changing in various fields, and Saudi Aramco is proud of being a major engine and pillar to enable and support change and development to achieve sustainability and prosperity,” he said.

The sectors targeted by Aramco “will provide great, attractive and rewarding opportunities for all investing parties, and will contribute to the development of an industrial system, a world-class business environment and a competitive supply chain within the Kingdom, in addition to creating jobs, so we encourage other companies to participate,” Al Nasser said.

Aramco announced on Monday plans to expand Namaat, its industrial investment program — signing multiple deals with global companies to build capacity in critical sectors.

The Saudi-listed company said it signed 22 MoUs and a joint venture agreement — all focusing on sustainability, technology, industrial and energy services, and advanced materials.