Saudi Aramco Expands its Industrial Investment Program

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Saudi Arabia

Saudi Aramco Expands its Industrial Investment Program

Saudi Aramco has announced a significant expansion of its industrial investment program, Aramco Namaat, with the signing of 22 new Memoranda of Understanding (MoUs) and one joint venture (JV) agreement valued at $24 billion.

The new agreements focus on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials.

Namaat program aims to tap into the vast opportunities available in Saudi Arabia to create new value and drive economic expansion and diversification.

Aramco Chairman Yasir al-Rumayyan said that Aramco continues to be at the forefront of enabling and enhancing the Kingdom’s industrial, technology and sustainability infrastructure through large-scale investments and key partnerships, such as IKTVA and, by extension, Namaat.

“Such initiatives help further drive economic growth and diversification, ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skillsets.”

Aramco President and CEO Amin Nasser indicated that Namaat offers its partners significant opportunities to participate in Aramco’s long-term growth strategy and play a vital role in the Kingdom’s expanding energy and chemicals supply chain.

The benefits for everyone involved are multiple, and Aramco continues to be a catalyst at the heart of the Kingdom’s transformation, harnessing its expertise and resources to champion new markets

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