Saudi Aramco launches integrated Corporate Development organisation
Operational from Sept 13, 2020, the organisation will assess existing assets, and secure greater access to growth markets
Tadawul-listed oil and gas giant Saudi Arabian Oil Company (Saudi Aramco) has established an integrated Corporate Development organisation to optimise the company's portfolio.
The Corporate Development organisation has been mandated to create value, assess existing assets, and secure greater access to growth markets and technologies through portfolio optimisation and strategic alignment.
The organisation will support rapid and effective decision-making on the company’s portfolio and corporate development activities, with the goal of strengthening the firm’s resilience, agility, and ability to respond to changing market dynamics.
The Corporate Development organisation will be led by senior vice president Abdulaziz M Al-Gudaimi, reporting directly to the president and chief executive officer, Amin H Nasser, and will become operational starting September 13, 2020.
Commenting on the launch of the organisation, Amin H Nasser said: “We continue to leverage our capabilities in assessing our existing portfolio, identifying new opportunities, and adapting to a rapidly evolving global landscape.
“The Corporate Development organisation will focus on growth opportunities as we further sharpen and strengthen our strategic focus to optimise our portfolio and, in doing so, maximise value for our shareholders.
“It will also enhance our abilities to harness robust processes to efficiently and effectively execute our business development strategy, as well as increase our agility and ability to adapt to changing market dynamics.”
The launch of the Corporate Development organisation constitutes a refinement of Aramco’s existing corporate development model, but does not represent a fundamental organisational change. It will support the company’s efforts to identify the best opportunities and successfully grow and optimise its business.