Saudi Aramco on Thursday signed a deal with several local firms to consolidate the company’s efforts to source goods and services locally.
The agreement, which was inked by Aramco in Riyadh, also included other Saudi Arabian firms such as petrochemicals giant SABIC, Saudi Telecom Co, the Saudi Arabian Airlines, among others.
The deal is based on a program launched by the company four years ago to boost the “total added value” of the supply sector. Aramco now procures more than 50 percent of its goods and services locally and expects that number to hit 70 percent by 2021, the oil giant said in its statement.
Saudi Arabia, which is looking to boost its domestic manufacturing sector, is trying to get some of the Kingdom’s biggest firms to rely less on imported products, while procuring more goods locally.
The country is in the midst of the Vision 2030 program, a comprehensive plan to diversify Saudi Arabia’s economy and reduce its dependence on oil exports.