Saudi Aramco signs deal of $7.2 billion
Dhahran, The Gulf Observer: Saudi Arabian Oil Co. Saudi Aramco signed deals valued at around $7.2 billion at the seventh edition of the In-Kingdom Total Value Add Forum in Dhahran on Monday.
During the forum, the company also launched Aramco Digital Co. to accelerate its digital transformation efforts.
“I am proud to announce a major new initiative in digital transformation with the launch of the Aramco Digital Company today. We are planning to invest $1.9 billion over the next three years, making it the biggest Aramco investment in digital to date, while adding value to the Kingdom’s digital ecosystem,” Saudi Aramco’s president and CEO Amin Nasser said.
Saudi Arabia will be a land of opportunities for investors but “truly a Kingdom of opportunities for all,” he stressed.
Commenting on the launch of the company, Ahmad A. Al-Sa’adi, Aramco executive vice president of technical services, said: “The launch of Aramco Digital Company is a great example of innovation in action, providing state-of-the-art AI and emerging technology expertise in a vital sector of the economy.”
The energy giant inked over 100 agreements and memorandums of understanding on the first day of the event, which runs until Feb. 2 and is held under the theme “Accelerating Future Success.”
During the event, Aramco signed a strategic partnership agreement with Zoom, as well as struck a deal with Taulia Inc. to implement supplier financing solutions.
The company also entered into a definitive agreement with DHL to form a joint venture and offer procurement and supply chain services and partnered with Saudi Arabia’s Ministry of Investment to develop and promote investment opportunities.
Another agreement signed by Aramco during the event was with Accenture to accelerate system integration and digital solution services.
It also reached a deal with Achilles to develop and localize environmental, social, and governance rating services.
The Aramco chief told the audience that the iktva program achieved 63 percent local content in 2022, up from 35 percent in 2015 when it was initially launched. Saudi Energy Minister Prince Abdulaziz bin Salman later said he hoped that the local content would reach 85 percent by 2030.
“Nothing would be possible without the outstanding commitment of our suppliers to localization in the first seven years of iktva. It has made Aramco’s businesses more cost-efficient, more resilient, and even more reliable while sharing the rewards we promised,” Nasser told the crowd.
“My generation can be proud of passing on a world-leading, integrated energy business, as well as pioneering work on decarbonization and putting Aramco at the heart of lower carbon businesses, such as blue hydrogen, renewables, and more sustainable materials,” he said.
