Saudi Arabian Oil Company Aramco announced on Tuesday a major expansion of its industrial investment program, Trend reports citing Xinhua.
The launch of the program Aramco Namaat was marked with the signing of 22 new Memoranda of Understanding (MoUs) and one joint venture agreement focusing on capacity building in four key sectors, the company said in a statement.
The sectors are sustainability, technology, industrial and energy services, and advanced materials.
Aramco continues to be at the forefront of enabling and enhancing the kingdom's industrial, technology and sustainability infrastructure through large-scale investments and key partnerships, Aramco Chairman Yasir Al-Rumayyan said.
The program aims to tap into the vast opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification. It also offers partners significant opportunities to participate in Aramco's long-term growth strategy and play a vital role in the kingdom's expanding energy and chemicals supply chain, he added.
The program complements Aramco's flagship In-Kingdom Total Value Add (iktva) program, which was launched in 2015 to enhance supply chain efficiency through localization, skills development, knowledge transfer and job creation.