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Saudi Arabia's SAGIA, Aramco announce 23 deals worth $15bn

Foreign investments involve building manufacturing facilities, localising supply chains, and developing smart cities

Saudi Arabia's SAGIA, Aramco announce 23 deals worth $15bn
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Saudi Arabia's SAGIA, Aramco announce 23 deals worth $15bn

Saudi Arabia's state-run foreign investment license provider Saudi Arabian General Investment Authority (SAGIA), the world's largest oil producer Saudi Aramco, and other companies in the kingdom, have collectively announced 23 investment deals worth more than $15bn (SAR56.2bn) in total, as part of the Future Investment Initiative being held on 29-31 October at the Ritz-Carlton hotel in Riyadh.

According to the Saudi Press Agency, the agreements signed include a $700m (SAR2.6bn) investment deal between prefabricated building solutions company Modular Middle East and SAGIA, aimed at localizing its supply chain and developing manufacturing facilities in Saudi Arabia.

China-based online shopping platform ForDeal also inked a $300m (SAR1.1bn) deal with SAGIA to establish a regional distribution hub and localise their operations in Saudi Arabia.

London-based Shiloh Minerals, which aims to develop its local production capacity and invest in potential upstream mining opportunities in the kingdom signed a $200m (SAR750m) deal with SAGIA.

SAGIA also inked deals with copper producer KME and US-based water technology company Xylem to expand their manufacturing capacities into the kingdom.

Other key deals include a $1bn (SAR3.75bn) deal between Saudi Aramco and Tubacex Group to invest in CRA pipe threading, weld overlay, and cladding manufacturing facilities in the Kingdom; a$110m (SAR412m) construction and engineering deal between Saudi Aramco and AKER SAS; a $200m (SAR750m) data analytics, project management, and smart cities deal between Saudi Aramco and Dassault Systems; a $230m (SAR862.5m) deal to co-invest and co-develop artificial intelligence and digital transformation between Saudi Aramco and Baker Hughes; a $74m (SAR277.5m) agreement between Saudi Aramco and BMT to establish a fittings and valves manufacturing facility in Saudi Arabia; and a $25m (SAR93.7m) deal between Saudi Aramco and Pultron to invest in manufacturing facilities that will produce high-performance glass fibre-reinforced polymer (GFRP) pultrusion products in Saudi Arabia.

Commenting on the agreements, governor of SAGIA, HE Ibrahim Al-Omar, said: “As Saudi Arabia welcomes investors and decision-makers from across the globe to this annual global investment platform, the agreements exchanged here today reflect the strength and diversity of the economy.”

Al-Omar added: “Under Saudi Vision 2030, Saudi Arabia is undergoing an ambitious program of economic reform, and the world is taking notice. This month, Saudi Arabia climbed 30 places in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally. The indicators are clear: Saudi Arabia is not only open for business, it’s the economy of the future.”

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