Aramco says 110 expected investment opportunities for Saudi entities until 2026

Logo of Saudi Arabian Oil Co. (Saudi Aramco)

Saudi Arabian Oil Co. (Saudi Aramco) announced its project portfolio expected from 2024 to 2026, which includes 110 projects.

The oil giant's portfolio includes 67 oil, gas and petrochemical projects, 20 pipeline and distribution businesses, and 23 civil infrastructure and security projects, Al-Eqtisadiah newspaper reported, citing Aramco during the Supplier Forum.

Aramco indicated that this supports Saudi manufacturers and suppliers of goods and service providers, highlighting a package of investment opportunities for suppliers, manufacturers, and service providers.

The contracting mechanism based on two approaches. The first is the supply and construction contract, while the second is the turnkey contract, the company said. It added that this aims to make people aware of how to register and get qualified with Aramco and learn about the investment opportunities, in addition to supporting and developing businesses, and empowering the national product.

Ahmed Al-Zahrani, Director of Industrial Development & Strategic Supply, Aramco, said the company achieved 63% of the local content in purchases.

He added that the company currently deals with suppliers exporting to over 40 countries with high competitiveness and international quality.

A total of 1,300 new Saudi facilities and 90 industrial facilities were registered as local suppliers in 2023, AlZahrani said.

He indicated that the Iktva program succeeded in attracting investments and filling the gaps, as there are currently 31 products manufactured for the first time in the Kingdom. In addition, the country has 166 new local factories.