Saudi Aramco has 5 projects out of Shareek’s first bundle at SAR 160 bln: Nasser

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco has five out of the 12 projects announced by Shareek with a total value of nearly SAR 160 billion, said President and CEO Amin Nasser. These projects, which will be implemented with foreign companies, include a project with Total, the expansion of a refinery in Jubail, a casting and forging project, a steel plate manufacturing project, and a cloud computing services project with Google.

The company launched Namaat program in 2021 to invest away from oil, gas and petrochemicals. It focuses on industrial fields and digital transformation, Nasser said in a panel discussion during the ceremony held by Shareek to announce the first bundle of projects.

Nasser revealed that 60 projects are ongoing under Namaat, of which 30 are in advanced stages with a market value of nearly SAR 52 billion.

Shareek will help fast track these projects, diversify income streams, boost corporate profit and increase benefit for the country, as the private sector will have a higher contribution to the Kingdom’s gross domestic product (GDP), create jobs and attract foreign investments to Saudi Arabia.

The program embodies unlimited support by Crown Prince Mohammed bin Salman for the private sector through the incentives offered in line with Vision 2030.

Shareek offers various facilities, such as finance, infrastructure, legislations, laws as well as demand for certain commodities and services provided by companies.