Business · Energy & Commodities · 18 hrs ago
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.
Aramco’s Namaat program has attracted about $58 billion in investment and helped establish 58 companies since it launched in 2021.
The program has contributed about $27.4 billion to Saudi Arabia’s gross domestic product.
It aims to develop local industries, attract domestic and international partners, and create jobs for Saudi citizens.
Its work focuses on manufacturing, industrial services, digitalisation and sustainability.
- Who
- Saudi Aramco and companies participating in its Namaat program.
- What
- The program has attracted about $58 billion in investment and helped establish 58 companies.
- When
- Since its launch in 2021.
- Where
- Saudi Arabia.
- Why
- To develop local industries, attract investment, create jobs for Saudi citizens and support economic diversification.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Aramco launched the Namaat program.
The program had attracted about $58 billion in investment and helped establish 58 companies.
- Investment attracted
- About 216 billion riyals ($58 billion)
- Companies established
- 58
- GDP contribution
- About 103 billion riyals ($27.4 billion)
- Program launched
- 2021
- Focus areas
- Manufacturing, industrial services, digitalisation and sustainability
Sources
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