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Namaat has grown from 32 to 55 investments since last year. Image Credit: Reuters

Dubai: Saudi Aramco announced a major expansion of its Namaat industrial investment programmes, with 55 agreements and memoranda of understanding (MoUs) across the sustainability, digital, industrial, manufacturing, and social innovation sectors.

Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building. The programme aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek programme and other initiatives.

“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty,” said Ahmad Al Sa’adi, Aramco Senior Vice President of Technical Services.

“Our collaboration with industry leaders in areas of strategic importance for the Kingdom demonstrates how Aramco is creating national champions that will bring long term benefits to our value chain, our economy and our people,” he added.

This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programmes that aim to add value and support sustainable growth. It also represents significant progress for the programme, with 19 of the 22 MoUs signed last year already reaching fruition, with a total investment of $3.5 billion.

Namaat means (collective) growth in Arabic and the programme aims to tap into the vast opportunities available in Saudi Arabia to create new value and drive economic expansion and diversification.