Aramco signs $11 bln worth of deals to create around 5,000 jobs for Saudis

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Saudi Arabia’s state oil company Aramco signed 59 new agreements worth $11 billion, the official Saudi Press Agency (SPA) reported on Tuesday.

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The deals are expected to reinforce Aramco’s supply chain and contribute towards building materials manufacturing facilities in the Kingdom.

An estimated 5,000 jobs will be created in the Kingdom for Saudis over the next decade as a result of the agreements, SPA reported.

The agreements were made under the In-Kingdom Total Value Add (IKTVA) program, Aramco’s localization drive.

Baker Hughes, Cameron al-Rushaid, Halliburton, SLB, and TechnipFMC were among the companies involved.

Iktva has reportedly contributed more than $130 billion to Saudi Arabia’s gross domestic product (GDP) since its inception, and created more than 100,000 supply chain jobs for Saudis.

“Our significant investments in a network of accomplished local suppliers strengthens Aramco’s resilience, ensuring that we remain the world’s most reliable energy company,” said Ahmad al-Sa’adi, Aramco Senior Vice President of Technical Services, in a statement.

“We are also extensively building commercial ecosystems globally by partnering with some of the world’s top energy, logistics, and manufacturing companies.”

Mohammad al-Shammary, Aramco Vice President of Procurement and Supply Chain Management, added: “The CPA holders will be our future strategic manufacturing partners for these commodities, and the agreements further broaden our localization infrastructure across the Aramco network.”

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