Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco, has signed around 31 agreements at as much as SAR 100 billion ($26.67 billion) in investments.
The contracts were signed on the sidelines of the fourth edition of Aramco’s In-Kingdom Total Value Add Programme (IKTVA), which kicked off on Monday and would end on Tuesday 27 November.
IKTVA is a key step to achieve the firm’s goals of raising the local industrial base, the world's largest oil producer’s CEO Amin Nasser said.
In October, the state-owned company inked deals at a combined value of SAR 125 billion on the sidelines of the Future Investment Initiative (FII) conference, dubbed “Davos in the Desert”, to expand investments in various sectors.
IKTVA aims to meet the country’s industrial needs, provide job opportunities, and export 30% of domestic commodities and energy services by 2021.
IKTVA programme also plans to launch 30 training centres in an effort to graduate 360,000 students by 2030.
Earlier on Monday, an official in Aramco stated that the Middle Eastern oil giant will sign this week 30 agreements worth around $25 billion with a raft of local and foreign firms to expand its industrial base and boost the manufacturing of local products domestically.
