Aramco expands its industrial investment program

Aramco announced a major expansion of its industrial investment program, Aramco Namaat, with the signing of 22 new Memoranda of Understanding (MoUs) and 1 joint venture (JV) agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials.

Namaat means (collective) growth in Arabic and the program aims to tap into the vast opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification.

The 22 new MoUs signed under the Namaat program include:

  • SOLVAY – an MoU with the goal to pursue the development of advanced Non Metallic Materials and localization of a composite value chain;
  • DHL Supply Chain – an arrangement to evaluate the feasibility of establishing a local industrial logistics and procurement hub serving Saudi Arabia and MENA region.;
  • VEOLIA – Exclusive MOU to confirm the commercial feasibility of establishing a world-class integrated waste management company, alongside a strategic IK stakeholder;
  • Air Liquide & Haliburton & PIF, Baker Hughes & PIF, Linde & Schlumberger & PIF – three separate non-binding MoUs to evaluate Carbon Capture & Sequestration (CCS) opportunities and potential partnerships
  • AIC Steel, GSW, McDermott, Seyang and Sendan, and NARMEL – five separate MoUs on modular construction;
  • Samsung Engineering, Hyundai and Saipem – three separate MoUs on Engineering, Procurement and Construction;
  • Elion and Green Groves – two separate MoUs to evaluate the feasibility of localizing nature-based solutions;
  • Honeywell – an MoU with the goal to establish a JV that will develop and implement next-generation digital solutions that will improve efficiency, sustainability and enable operational excellence of industrial facilities;
  • Gulf Modular Industry (GMI) – MoU to validate the feasibility of developing and using non-metallic applications in the modular building manufacturing process in the building and construction sector.
  • Armorock – MoU to validate the feasibility of developing and using non-metallic polymer concrete applications in the building and construction sector.;
  • Shell AMG Recycling & United Company for Industry – a trilateral MoU on Metals Reclamation and Catalyst Manufacturing;
  • AVEVA – an MoU with the goal to establish a strategic alliance to localize development and deployment of various digital technologies including Artificial Intelligence (AI), Machine Learning (ML), and Digital Twin; and
  • Baosteel – an MoU to conduct an engineering study and develop plans needed to build, own and operate an integrated steel plate manufacturing facility in Saudi Arabia.

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