Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Aramco outlines future strategy at Ahsa forum  Join our daily free Newsletter

MENAFN - Arab News - 28/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Aramco has allocated SR470 billion for the development of new oil projects, exploration, maintenance and other related engineering services in the next four years (2014-18), local media quoted a top official as saying.

Abdullah Al-Warthan, manager of projects and strategic purchasing, said the volume of spending for the leading companies in a two-year period (2011-13) on local projects amounted to SR160 billion.
He was speaking to reporters on the sidelines of Al-Ahsa Investment Forum 2013.

Al-Warthan said the volume of spending for the leading companies in a two-year period (2011-13) on local projects amounted to SR160 billion.
The Aramco official said that the local market would witness positive development through the creation of 900,000 jobs if 55 percent of these spending was given to local firms.

The volume of Aramco's business dealings with Ahsa-based firms reached SR1 billion in 2013 including 26 factories, 34 material suppliers and 180 contractors and service providers, he said.

He stressed the importance of small and medium enterprises (SMEs) on the provision of jobs and support to the national economy.
The SME sector provides 70 percent of obs in the developed countries while its contribution in the Kingdom does not exceed 30 percent, he said.

For his part, Ahmed Al-Khuwaitir, executive director of business development at Saudi Aramco, said the volume of spending would reach 125 billion (SR469 billion) in the next four years.
Saudi Aramco's projects are meant to serve energy, develop lands, recruit national cadres, enhance the culture of free business, and support the SMEs, he said.

He said Aramco has set up "Waed" Center to boost entrepreneurial innovation and the establishment of quality SMEs, facilitate regulatory measures and provide consultancy services to any project whereby small-scale enterprises could obtain all chances of growth and development.
It is to be recalled that the Saudi Aramco Entrepreneurship Center Company Ltd. (Waed LLC) supports entrepreneurship through: pre-funding support, funding through debt or equity financing and post-funding support.
Al-Khuwaitir said Saudi Aramco had adopted initiatives to build enterprising Saudi cadres who could create new jobs working with companies with a view to expanding business opportunities and creating direct and indirect jobs poised to reach 300,000 in the next 15 years.

 


Arab News




  MENA News Headlines
 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

 May 27 2016 - Qatar- Al Shaqab students graduate at a glittering ceremonyThe Peninsula
(MENAFN - The Peninsula) Students who received equestrian training at Al Shaqab, pose for a photograph with special guests during their graduation ceremony after receiving their certificates ...

 May 27 2016 - Qatar- Four international players to continue with Al RayyanThe Peninsula
(MENAFN - The Peninsula) Ali Salem Afifa, Head of Football at Al Rayyan Doha: Following a successful local football season, Al Rayyan have secured the services of their four foreign players ...

 May 27 2016 - UAE plays vital role in development projects in JordanMENAFN
(MENAFN) Abu Dhabi Fund for Development (ADFD) and Jordan worked together towards achieving their sustainable development goals, supporting projects in fundamental sectors.Moreover, ADFD has funded ...

 May 27 2016 - Cairo USD 3.6bn residential project attracts foreign investmentMENAFN
(MENAFN) The Ministry of housing introduced Egypt's biggest upcoming project, USD 3.6bn Mountain View iCity, which will be launched in New Cairo.Furthermore, the project's main layout will encompass ...

 May 27 2016 - Qatar, Luxembourg trade relations growMENAFN
(MENAFN) Qatar and Luxembourg have viewed growth due to the exchange of official visits between the two sides and the signing of mutual deal on many areas.Moreover, Qatar sees innovation as a main ...

 May 26 2016 - Saudi- Living cost index in the Kingdom rises 0.2% in AprilSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- The index of the cost of living in the Kingdom rose by 0.2% during the month of April 2016 compared to the previous month ...

 May 26 2016 - Governor of Riyadh Region receives Cyprus' AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Cyprus to the ...

 May 26 2016 - Israeli warplanes launch raids on Gaza StripSaudi Press Agency
(MENAFN - Saudi Press Agency) Ramallah, 19 Sha'ban, 1437, May 26, 2016, SPA -- Israeli warplanes launched today a series of air raids on sites and targets in the Gaza Strip. Local security sources ...

 May 26 2016 - Saudi- Three dead, many injured in Mumbai chemical factory blastSaudi Press Agency
(MENAFN - Saudi Press Agency) New Delhi, Sha'ban 19, 1437, May 26, 2016, SPA -- At least three people have died and several have been injured in a huge blast at a chemical factory on the outskirts ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help