Aramco program attracts $58 billion and establishes 58 companies in Saudi Arabia

Saudi Aramco says its Namat program has attracted about 216 billion riyals ($58 billion) in investment since it began in 2021.

The program has helped establish 58 companies and contributed about 103 billion riyals ($27.4 billion) to Saudi Arabia’s gross domestic product.

It brings together Aramco and local and international partners to build industries and services linked to the company’s main business.

Its work covers manufacturing, industrial services, digital technology and sustainability.

The stated aim is to make more products and capabilities in Saudi Arabia, strengthen supply chains and support economic diversification under the country’s Vision 2030 plan.

Projects include local production of subsea power cables, steel products and industrial equipment, as well as work on metal recycling and advanced refining catalysts.

The program is also intended to create jobs for Saudis and expand the role of local companies, though the text gives no specific employment figures or next steps.