Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) and Saudi Aramco plan to launch a “super contractor” in collaboration with domestic and foreign contractors, MEED reported.
A local contractor, PIF, Aramco, and a global contractor will own 25% of the new project, MEED added.
Among the partners taking part in the new “super contractor” project are: Nesma & Partners Contracting Co., Al-Rashid Trading & Contracting Co., El-Seif Engineering Co., and Al-Muhadib Contracting.
The new entity will replace Saudi Oger and Saudi Binladin Group which suffered several financial problems in the previous year.
The new project is forecast to be responsible for several projects such as the Red Sea Project and Jeddah Downtown, added to the construction projects that were assigned to the largest international oil producer, namely Aramco.
The new company’s construction sector will be separated from the parent firm. It is also expected to provide around 15,000 job opportunities.
Aramco plans to sell a 5% stake as a part of the Saudi Vision 2030 that aims to diversify the Kingdom’s economy away from oil.
Recently, Aramco signed several memoranda of understanding with Russian energy firms such as Gazprom and LITASCO.
