Initiatives cover multiple industrial sectors
Alfanar and Aramco have agreed to build a sustainable cooperation by signing a Memorandum of Understanding (MoU) which covers various initiatives that are aimed to augment localization, innovation, digitization and sustainability in the Kingdom.
The initiatives are in line with the In-Kingdom Total Value Add (IKTVA) flagship program that Aramco launched to support economic development through local content increment.
The MoU was signed between Ahmed Al Saadi, Senior VP, Technical Services, Aramco and Abdul Salam Al Mutlaq, Chairman, Alfanar, at the Alfanar Industrial City located in Riyadh.
“This is a historic moment for us at Alfanar to partner with Aramco and to work together in further developing the local content,” remarked Al Mutlaq.
“Through a collaborative and inclusive model, we are committed to work with private companies to ensure that the local content objectives of the Kingdom of Saudi Arabia are achieved,” commented Al Saadi.
Currently, the initiatives that were signed under the MoU cover the following sectors: manufacturing, EPC, modularization, Commercialization of Intellectual Properties (IP), energy efficiency and environmental protection
The MoU was signed during a visit by Aramco’s senior management to Alfanar Industrial City, the largest privately developed manufacturing facility in the Middle East which is spread across 720,000 sqm.
