Aramco signs localisation deals worth $7.2 billion

Saudi Aramco has signed deals worth USD 7.2 billion and launched Aramco Digital Company on the first day of its In-Kingdom Total Value Add exhibition, the Saudi Arabian NOC announced on Monday.

Among the deals include:
• a strategic partnership agreement with Zoom Video Communications
• collaboration with fintech entity Taulia on supplier financing
• a definitive agreement to create a joint venture for procurement and supply chain services with logistics entity DHL
• a contract with Dublin-based IT company Accenture for system integration and digital services
• a deal with local financing firm Hassana Investment Company to establish a national facility management entity
• a contract with UK-based supply chain company Achilles to develop a localised ESG rating service
• an agreement with the Saudi Arabian Ministry of Investment to promote investment opportunities and the Regional Headquarters Program

The new wholly owned Aramco Digital Company aims to drive digitization of Saudi Arabia and the MENA region.

The new company has the three following objectives: lead global AI-driven energy initiatives, boost innovation in adjacent sectors and create partnerships, joint ventures and projects in the digital space.

“I am proud to announce a major new initiative in digital transformation with the launch of the Aramco Digital Company. We are planning to invest $1.9 billion dollars over the next three years, making it the biggest Aramco investment in digital to date, while adding value to the kingdom’s digital ecosystem,” said Amin H. Asser, CEO of Aramco.

The first day of the iktva 2023 Forum & Exhibition saw more than 10,000 visitors and showcased more than 290 companies.

Saudi Arabia’s In-Kingdom Total Value Add initiative achieved 63% local content in 2022, up from 59% the year prior and 35% when the programme was launched in 2015.