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Aramco & Al-Fanar sign MoU to Create Strategic Cooperation Between 2 Companies

As a continuation of their efforts to support local initiatives, Saudi Aramco and Al-Fanar recently concluded a memorandum of understanding (MoU) to establish a strategic cooperation between the two companies.

 This MoU includes several sustainability-based initiatives and aims to support localization, innovation and digitization in the Kingdom, in line with the ‘iktva’ program launched by Saudi Aramco which contributes to supporting economic development through localization and increasing the development of local content.

The MoU was signed by the Senior Vice President for Technical Services at Saudi Aramco, Eng. Ahmed Al-Saadi, and the Chairman of the Board of Directors of Al-Fanar, Eng. Abdul Salam Al-Mutlaq.

Furthermore, Eng. Al-Saadi said: “These initiatives cover many sectors: manufacturing, engineering, construction, modeling, developing and marketing intellectual property.”

Moreover, it also improves energy efficiency and protects the environment, noting that Saudi Aramco is committed through the comprehensive cooperative model to the work of private sector partnerships.

Eng. Al Mutlaq explained that innovation, digitization and localization have always been pillars of Al Fanar’s commitment to developing sustainable business. This is a real opportunity for Al Fanar and Saudi Aramco to work together in increasing the development of local content.

The MoU was signed during the visit of Saudi Aramco’s top management to Al Fanar Industrial City, which is the largest private industrial complex in the Middle East with an area of ​​720,000 sqm.

The visit also included a tour of a number of Al-Fanar’s factories, including the women’s section, which employs more than 700 Saudi women, and works on the production of electrical circuit breakers.

Notably, the number of female workers in this department has increased in recent years in pursuit of Al-Fanar to empower women according to the Kingdom’s 2030 Vision.

Saudi Aramco considers Al Fanar Industrial City a successful example of the importance of the private sector’s role in localizing industry and increasing local content prohessionaly and at a high efficiency.

Noteworthy, both Saudi Aramco and Al-Fanar are looking forward to building new initiatives, as Al-Fanar continues to maintain its leading position in the Kingdom through its prosperity and local development, and as an example for all Saudi companies that aspire to reach excellence and innovation.
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