Quotes: US 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 jobs 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
 Sep 17 2014 - Kuwait Stock Exchange Closes on Green NoteQatar News Agency
(MENAFN - QNA) Main indices of the Kuwait Stock Exchange ended trading Wednesday in the green zone with the weighted, the price, and the KSX 15 indices up by 1.39, 14.07, and 5.63 points ...

 Sep 17 2014 - HE Assistant FM Receives Copy of Vietnamese Ambassador's CredentialsQatar News Agency
(MENAFN - QNA) HE Assistant Foreign Minister for Foreign Affairs Mohammed bin Abdullah Al Rumaihi on Wednesday received a copy of the credentials of Nguyen Hoang as ambassador of the Socialist ...

 Sep 17 2014 - HE Prime Minister Meets Chubu Electric Power ChairmanQatar News Agency
(MENAFN - QNA) HE Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani on Wednesday met with Toshio Mita, chairman of Chubu Electric Power company on the occasion of ...

 Sep 17 2014 - Italian President Receives Message from Kuwait's EmirQatar News Agency
(MENAFN - QNA) Italian President Giorgio Napolitano received a message from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah pertaining to bilateral relations between the two ...

 Sep 17 2014 - US Vice President Ukrainian Prime Minister Discuss Minsk AgreementQatar News Agency
(MENAFN - Qatar News Agency) Moscow September 17 (QNA) - Russia and eastern Ukrainian independence fighters should fully observe provisions of the Minsk ceasefire agreement US Vice President Joe ...

 Sep 17 2014 - HE Minister of Culture Arts and Heritage Meets US AmbassadorQatar News Agency
(MENAFN - Qatar News Agency) Doha September 15 (QNA) - HE the Minister of Culture Arts and Heritage Dr. Hamad bin Abdulaziz Al Kuwari met here Monday with HE US Ambassador to Qatar Dana Shell Smith. ...

 Sep 17 2014 - 52 Taliban Militants Killed During CounterTerrorism OperationsQatar News Agency
(MENAFN - Qatar News Agency) Kabul September 15 (QNA) - At least 52 Taliban militants were killed following joint clearing operations by Afghan national security forces in various provinces of the ...

 Sep 17 2014 - One Policeman Killed Two Injured in Pakistan's militant attackQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 15 (QNA) - A policeman was killed and two others sustained injuries when unknown militants launched an attack on Tal Police Station on Monday morning. ...

 Sep 17 2014 - US Drone Strike Kills Seven on PakAfghan BorderQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 14 (QNA) - Seven suspected militants including two key commanders of Badr Mansoor group have been killed in a US drone strike according to Pakistan ...

 Sep 17 2014 - ISIS United Iraq Country's Deputy Prime Minister SaysQatar News Agency
(MENAFN - Qatar News Agency) Baghdad September 14 (QNA) - Iraq's Deputy Prime Minister Hoshyar Zebari said Sunday that ISIS organization has united the country rather than divide it. He said that ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help