Saudi Aramco has signed corporate procurement agreements worth $11 billion to boost Saudi Arabia’s manufacturing sector.
The world’s largest crude oil exporter signed CPAs with 51 local and global manufacturers and said the move could create 5,000 jobs in the kingdom in the next decade while supporting Aramco’s “robust” supply chain.
Baker Hughes, Cameron Al Rushaid, Halliburton, Schlumberger and TechnipFMC were among the companies that signed the CPAs. The agreements cover strategic commodities such as drilling chemicals, wellheads, switchgears and vibration monitoring systems.
“Our significant investments in a network of accomplished local suppliers strengthen Aramco’s resilience, ensuring that we remain the world’s most reliable energy company,” Ahmad Al Sa’adi, Aramco senior vice president of technical services, said in a statement on Tuesday.
“We are also extensively building commercial ecosystems globally by partnering with some of the world’s top energy, logistics, and manufacturing companies.”
The CPAs are a part of Saudi Arabia’s In-Kingdom Total Value Add programme, which aims to drive domestic value creation, maximise long-term economic growth and diversification, and build a world-class supply chain for the development of a globally competitive energy sector in the kingdom.
IKTVA has contributed more than $130 billion to the kingdom’s gross domestic product while creating more than 100,000 supply chain jobs for Saudi nationals, Aramco said.
“The CPA holders will be our future strategic manufacturing partners for these commodities, and the agreements further broaden our localisation infrastructure across the Aramco network,” Mohammad Al Shammary, Aramco's vice president of procurement and supply chain management, said.
Gulf countries have been executing programmes to redirect more government spending domestically in a bid to shore up the local economy.
The UAE’s In-Country Value programme aims to boost the growth of domestic industries by redirecting half of government spending on procurements and tender contracts into the national economy by 2031.
Last year, the Emirates redirected more than Dh41.4 billion ($11.27 billion) of spend into the national economy.
UAE currency: the story behind the money in your pockets
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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SAUDI RESULTS
Team Team Pederson (-40), Team Kyriacou (-39), Team De Roey (-39), Team Mehmet (-37), Team Pace (-36), Team Dimmock (-33)
Individual E. Pederson (-14), S. Kyriacou (-12), A van Dam (-12), L. Galmes (-12), C. Hull (-9), E. Givens (-8),
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EA Sports FC 26
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
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Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
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Sunday, Sept 28 – Second ODI
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Rating: 4.5/5
UAE tour of Zimbabwe
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
