Skills Forum Receives $ 26.6 Billion Business for First Day

Skills Forum Receives $ 26.6 Billion Business for First Day

The participation of 4,000 local and international suppliers from 40 countries

Dammam: Mirza Al-Khuwaildi

Saudi Aramco has signed a number of memoranda of understanding and agreements with suppliers representing local and international companies with more than 100 billion riyals ($ 26.6 billion), including 31 commercial contracts. The company announced at the 2018 Forum and Exhibition currently in Dammam, eastern Saudi Arabia, that it had succeeded in raising the level of national content in the industrial sector and that it was able to raise the level of domestic content in the industry. it was aiming to reach 70% by the end of the year 2021. And to increase the export rate to 30%, adding that "even now, 51% of each specialty Saudi Aramco's materials and services are spent in the country. "
Saudi Aramco and its CEO, engineer Amin Al Nasser, announced at the opening of the ASKAFA forum that Aramco had signed a number of memoranda of understanding and agreement. Agreements with suppliers for more than 100 billion riyals ($ 26.6 billion), including 31 commercial cooperations. He also pointed out that agreements were signed at the Investment Future Initiative forum held last month in Riyadh for 125 billion riyals ($ 33.3 billion) and covering various areas of activity. Al-Nasser said Saudi Aramco currently spends 51 percent of its expenditures on equipment and services locally.
Prince Saud bin Nayef bin Abdul Aziz, governor of the East region, yesterday inaugurated the fourth session of the 2018 exhibition at the Dhahran International Exhibition Center in Dammam, hosted by Aramco, in the presence of Prince Ahmed Ben Fahd bin Salman bin Abdulaziz, Chairman of Saudi Aramco, Chairman and Chief Executive Officer of Saudi Aramco and several senior executives of major corporations and international investors.
The Eastern Amir called on everyone to work hand in hand to continue to support the initiative and encourage more businesses and institutions to do the same so that the slogan "Made in Saudi Arabia" becomes reality and to make the Kingdom a regional center for industries and exports.
The forum, which will be held on November 26 and 27, will include roundtables, workshops and presentations on best practices in areas such as regulatory requirements, funding, research and development and talent development.
In addition to signing agreements and memoranda of understanding, 2018 awards have been awarded to a number of manufacturers and service providers for their efforts and commitment to applying this year's compliance principles. Participation in this program is mandatory for all Saudi Aramco suppliers, which aims to reach 70% of local content, create thousands of jobs and export 30% of local energy goods and services 2021.
The 2018 Forum attracts more than 1,000 companies, including domestic and international energy service providers, manufacturers and small and medium enterprises, to explore investment opportunities with Saudi Aramco in the fields of prospecting, chemicals, utilities, non-metallic materials, information technology, cybersecurity, etc.
These major annual events support the program to value the total (sufficient) value added of the Kingdom and the emiratization strategy of Saudi Aramco for the establishment of a global supply chain. "Local content" partnerships are supported by contributing to job creation, technology transfer, training and development, as well as research and development. The program aims to establish 30 training centers to help 360,000 graduates by 2030.
On the other hand, locally-based companies can benefit from more than 1.7 trillion Saudi riyals ($ 453 billion) led by Saudi Aramco towards resettlement opportunities over the next decade.
The Annual Forum and Competitiveness Fair is a global leader in the energy supply chain, helping to increase local value and promote long-term sustainable growth of the national economy. More than 4000 participants from 40 countries and more than 80 exhibitors attended the event this year.

Saudi Arabia

Economy