Saudi Aramco and Alfanar ink MoU to promote sustainable cooperation

Saudi Aramco and Alfanar ink MoU to promote sustainable cooperation

/ Financial News / Tuesday, 16 February 2021 09:26

Alfanar and Saudi Aramco have agreed to boost sustainable cooperation by signing a memorandum of understanding (MoU), which covers various initiatives that are aimed to augment localization, innovation, digitization and sustainability in the Kingdom.

The initiatives are in line with the In-Kingdom Total Value Add (IKTVA) flagship program that Aramco launched to support economic development through local content increment.

The MoU was signed by Ahmad Al-Saadi, senior vice president of technical services, Aramco, and Abdul Salam Al-Mutlaq, chairman, Alfanar at the Alfanar Industrial City located in Riyadh.

Commenting on the development, Al-Mutlaq said, “Innovation, digitization and localization have always been Alfanar’s pillars of commitment toward the development of a sustainable business. This is a historic moment for us at Alfanar to partner with Aramco and to work together in further developing the local content.”

Meanwhile, Al-Saadi said, “Through a collaborative and inclusive model, we are committed to working with private companies to ensure that the local content objectives of the Kingdom of Saudi Arabia are achieved.”

Currently, the initiatives that were signed under the MoU cover the following sectors: Manufacturing, EPC, modularization, commercialization of intellectual properties (IP), energy efficiency and environmental protection.

The MoU was signed during a visit by Aramco’s senior management to Alfanar Industrial City, the largest privately developed manufacturing facility in the Middle East, which is spread across 720,000 square meters.

As one of the very few companies with a diversified portfolio of products and services globally, Alfanar manufactures electrical and construction products from its six facilities worldwide, develops and constructs projects globally and is involved in field services and operation and maintenance.

The company provides sustainable solutions in power, healthcare, oil and gas, water and social infra. Further, Alfanar aims to revolutionize the way cities are run by building and integrating the digital infrastructure.

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