.
.
.
.

Saudi Aramco to offer $16 bln in contracts to small, medium businesses

Published: Updated:

Saudi Aramco will offer 140 contracts worth 60 billion riyals ($16 billion) to small and medium-sized enterprises (SMEs) in the Kingdom.

Aramco is working with the government to boost cooperation with SMEs as it spends 170 billion riyals on different services a year, Mohammed bin Ayed al-Shamri, deputy director of procurement and supply, said.

Saudi Aramco and the General Authority for Small and Medium Enterprises (Monsha’at) signed a Memorandum of Understanding (MoU) at the Eastern Biban Forum in Dhahran.

“The MoU aims to enhance cooperation with the Authority in empowering small and medium enterprises in the Kingdom by improving the investment environment and providing appropriate investment opportunities for this sector, which are related to oil and gas,” al-Shamri said, adding that this will facilitate SMEs doing business with Saudi Aramco.

Established in 2015, Monsha’at aims to increase the contribution of SMEs in the economy from 500 billion Riyals in 2014 to two trillion Riyals in 2030.