Saudi Economy more, Resilient, Solvent, Aramco CEO Reasserts

Saudi Aramco reviewed programs and initiatives that contribute to advancing economic diversification and localizing the industrial supply chain, with a view to achieving the objectives of the Kingdom’s Vision 2030.

Amin H. Al-Nasser, Aramco’s President and Chief Executive Officer said the National Day this year coincides with huge changes in various fields in Saudi Arabia

He also asserted that Saudi Aramco is proud to be a powerful engine and pillar to enable such change and development, and a foundation for sustainability and development, according to the Saudi news agency (SPA).

He pointed out that the latest of these programs is its industrial investment program, Aramco Namaat, with the signing of 22 new Memoranda of Understanding (MoUs) and 1 joint venture (JV) agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials.

He said that the Aramco Namaat is expected to create an added value for the national economy 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 as we have been able to provide 57% of our needs from suppliers within the Saudi market with global competitiveness.”

“In the light of the confidence that Saudi Arabia had fostered with investors, many results had been achieved that reflected in further important international partnerships. With signs of economic recovery during the coronavirus pandemic (Covid-19), the Saudi economy had proved to be more able to overcome the effects of the pandemic efficiently.

Engineer Al-Nasser has also said that “To achieve greater value for our homeland and its macroeconomics, Saudi Aramco’s inclusion in the Saudi Stock Exchange has contributed to the progression of the Saudi Stock Exchange from 23^rd to 9^th place, becoming one of the ten largest stock exchanges in the world.”

Al-Nasser confirmed that Saudi Arabia has been ranked second globally among the G20 countries in the Digital Competitiveness Report for the year 2021 issued by the European Center for Digital Competitiveness, a breakthrough that represents the Kingdom’s continuing digital lead.

As the transition towards digital solutions has grown, Saudi Aramco Development Company, a subsidiary of Aramco, had teamed up with Google Cloud to offer high-performance, low-latency cloud services to enterprise customers in Saudi Arabia.

“This new cloud region will allow organizations nationwide to grow and scale their offerings, while delivering digital products and services faster and more reliably.”

He noted that Saudi Aramco’s national role is focused not only on its efforts in infrastructure and industrial development, but also on empowering local communities and individuals to create more opportunities to shape their own economic future by translating these concepts into initiatives we have launched to support the small industry sector in the Kingdom.

He explained that every year, we celebrate the fruit of a new project created from the ideas of society and supported and sponsored by Saudi Aramco, such as the “Roseyar” Rose Factory in Al-Taif, an extension of projects carried out by the company in partnership with a number of local charities.

The President of Saudi Aramco concluded his remarks by emphasizing the Kingdom’s path to vision and prosperity along the same lines of national development and growth.