Alfanar signed a memorandum of understanding with the Korean company Daewoo Engineering and Construction, during Saudi Aramco’s iktva 2023 Forum and Exhibition. The event was held at Dhahran Expo under the patronage of Prince Saud bin Nayef bin Abdulaziz, governor of the Eastern Province, from Jan. 30 to Feb. 2.
The $1.5 billion agreement signed by Amer Al-Ajmi, executive vice president of Alfanar, and Sungmin Yang, senior vice president of Daewoo, is aimed toward joint cooperation in future projects for the oil, gas and petrochemicals sectors. As a leading Saudi company, Alfanar contributes heavily toward developing local content and achieving sustainability in these sectors. Through this agreement, Alfanar will work on transferring and localizing expertise in the engineering construction field, and exchanging the expertise of advanced technologies used in design, procurement and project execution for the oil, gas and petrochemicals sectors.
In the seventh edition of iktva, Alfanar, as a platinum sponsor, also showcased its manufacturing, engineering construction, and project development capabilities at the “Sustainability Pavilion.”
“Alfanar is one of the leading Saudi companies that is contributing to supporting local content through its national investments, which are raising the rate of localization in Saudi Arabia,” Al-Ajmi said.
He added: “These investments play a key role in advancing economic development by increasing the number of national products in many fields and by creating quality jobs. In addition to what Alfanar has already achieved in local manufacturing of industrial products, technology transfer and acquisition of international technologies, we are also working toward introducing new industries that did not exist previously in Saudi Arabia, besides what Alfanar currently has, to support Saudi Vision 2030 by possessing full intellectual property rights.”
For more than 40 years, Alfanar has been a global leader in the energy and infrastructure sectors in the Middle East, with operations in more than 22 countries. From its inception in 1976 in the Kingdom, the company is engaged in the construction, development, and operation of major projects across energy, water, process and infrastructure, as well as in the manufacturing of electrical products. Alfanar is also a major player in green fuels, with ambitious renewable energy projects in Saudi Arabia, the UK, Spain and India, and is one of the major manufacturers of wind turbines in Asia.