Aramco’s Industrial Investments Program, Namaat, is progressing work on launching a cloud storage company, an iron sheet manufacturer, and a logistics management center among several other firms.
The initiative, launched by the oil giant in 2021, is helping launch 31 local and international companies with an estimated total value of $24.53 billion, Arab News reported.
Of those firms, 13 have started their operations, while five other companies are still in the implementation and construction phase, the report noted.
The latest developments come a year on from Namaat announcing it had reached 55 investments, and in 2021 it announced it had signed 22 memorandums of understanding to drive forward the initiative.
Namaat, meaning “collective growth” in Arabic, was formed to “tap into the vast opportunities in Saudi Arabia to create new value.”
Companies that signed the deals with Aramco in September 2021 included DHL, Samsung, Hyundai, Honeywell and British technology firm AVEVA.
According to Aramco’s website, Namaat is the “natural next step” to the company’s In-Kingdom Total Value Add Program, which is focused on enhancing supply-chain efficiencies and reliability.