Saudi Aramco expands Namaat industrial investment programs

Saudi Arabian Oil Company (Aramco) has announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing, and social innovation sectors.

Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building.

The company said that the program aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.

“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy while maintaining our reliability as a global energy supplier at a time of market uncertainty. Our collaboration with industry leaders in areas of strategic importance for the Kingdom demonstrates how Aramco is creating National Champions that will bring long-term benefits to our value chain, our economy, and our people.”

This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programs that aim to add value and support sustainable growth. The company further noted that “it represents significant progress for the program, with 19 of the 22 MoUs signed last year already reaching fruition, with a total investment of $3.5 billion.”

“The new agreements bolster Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains,” as per the statement.

Last month, Saudi Aramco and Norwegian software as a service (SaaS) company Cognite launched CNTXT, a joint venture (JV) based in Saudi Arabia. The JV seeks to promote the Kingdom’s industrial digitization as well as the wider MENA region.

Related: Dubai’s Dragon Oil & Turkmen Oil extend partnership with $1bn Investment