Namaat: A catalyst for continual transformation
Aramco’s industrial investment program, namaat, gathers pace.
On Tue. Sept. 7, more than 100 representatives from Aramco, government ministries and local and global companies came together to sign 23 partnership agreements and launch the next phase of aramco namaat, Aramco’s industrial investment program.
Launched in Nov. 2020, aramco namaat (meaning “growth” in Arabic), is focused on forging world-class industrial partnerships in four key areas — Sustainability, Technology, Industrials, and Advanced Materials.
Building on the flagship iktva program, the Kingdom’s Shareek program, and the wider spectrum of Saudi Vision 2030, Aramco is partnering with leading local and global companies to support the continued economic growth and diversification of Saudi Arabia.
In line with Vision 2030, aramco namaat is a catalyst and enabler for continued transformation, enhancement, economic growth, and diversification.
A truly transformational journey
HE Yasir O. Al-Rumayyan, chairman of the Board, Saudi Aramco, remarked that, “Saudi Arabia has embarked on a truly transformational journey in economic development and diversification.” Quoting HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, he said, “Building a vibrant and prosperous private sector is one of the national priorities for the Kingdom.”
“Guided by Vision 2030, the Kingdom is accelerating in both economic development and diversification, as well as building even stronger bonds of partnership between the public and private sectors. The momentum behind the Kingdom’s increasingly diverse and dynamic economy continues to grow, and with it the scope, scale, and speed of change are also increasing,” he said.
Al-Rumayyan noted the recently launched Shareek program was created to help boost the private sector’s role in economic development, diversification, local value addition, and job creation.
“We’ve also made huge progress with iktva, Aramco’s flagship program to localize our supply chain. And now, to provide additional support for this national imperative, we are launching aramco namaat to help drive the continued growth and further development of a resilient and sustainable private sector by partnering and attracting world leading companies in various sectors.”
An integrated supply chain
Amin Nasser, Aramco president and CEO, said, “The importance of having a robust supply chain can never be underestimated, and the COVID-19 pandemic only reiterated the critical need for integrated supply chain and logistic capabilities.”
Nasser highlighted that aramco namaat is all about adding further strength to the company, and also to the Kingdom’s industrial sector.
For Aramco, having a robust and resilient supply chain has enabled us to overcome a number of challenges in recent years. Our rapid recovery from the attacks at Abqaiq and Khurais in September 2019 is one obvious example.
— Amin Nasser
Nasser noted that aramco namaat is a further expansion of company partnerships and another significant step forward in Aramco’s supply chain, which comes with many benefits.
“For our partners in namaat, the benefits include opportunities to participate in the rapidly expanding diversification of the Kingdom’s business sectors in general. Namaat will strengthen our procurement and supply chain ecosystem, and in turn, increase reliability for us and for our customers. This means our long-term competitive advantage will only get better.”
Aramco is proud to be a catalyst and an enabler in supporting Saudi Arabia’s growth. And by extension, our partners in namaat are also playing a vital role in contributing to the Kingdom’s advancement.
The benefits for all involved are multiple … as well as mutual.
A simple goal: Made in Saudi Arabia
Joining the launch, Ahmad A. Al-Sa’adi, senior vice president of Technical Services, said that the goal of namaat is simple: “We want more of the products and services that Aramco relies on as a business to come bearing the label: ‘Made in Saudi Arabia.’
“That’s why we are announcing a major expansion of our program of investment in the Saudi industrial economy. In this new phase, we will target four strategic areas. All are vital to the future of our business. All four will strengthen our ability to reliably supply energy to the world.
First, sustainability: Protecting our environment with investments in everything from carbon capture and storage to reforestation, to integrated waste management.
Second, technologies: Using state-of-the-art digital tools to build a smarter, more data-driven business.
Third, industrials: Deploying the latest advances in construction, logistics, and energy storage to cut costs and improve operational efficiency.
And fourth, advanced materials: Upgrading the value of our product while unlocking new sources of demand.
The ultimate goal is to build a world-class energy services ecosystem in the Kingdom of Saudi Arabia.”