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 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
 Nov 27 2014 - Qatar- CISM officials heap praise on Doha for a perfect showThe Peninsula
(MENAFN - The Peninsula) International Military Sports Council (CISM) officials have praised Qatar Emiri Naval Forces for a perfect organisational at the 47th World Military Sailing Championship.Bram ...

 Nov 27 2014 - Qatar- Military Sailing: Germany retain lead, Russian women bounce backThe Peninsula
(MENAFN - The Peninsula) Germany dominated on day two of the 47th Military Sailing Championship to brighten their chances of winning the men's title while the Russian women bounced back to take the ...

 Nov 27 2014 - Qatar's sporting ambitions soarThe Peninsula
(MENAFN - The Peninsula) Corruption claims surroundings 2022 World Cup bid have not dampened Qatar's appetite to become the "world capital" of prestigious sport events.Cleared last week by FIFA of ...

 Nov 27 2014 - Qatar- Forum hears benefits of methanolThe Peninsula
(MENAFN - The Peninsula) The first Middle East Methanol Forum (MEMF), organised by Qatar Fuel Additives Company Ltd (Qafac), effectively showcased the wide-ranging benefits of the use and ...

 Nov 27 2014 - Qatar- Tenders for Airport City project only after two years: OfficialThe Peninsula
(MENAFN - The Peninsula) Official announcement about inviting tenders to award contracts for the construction of Qatar's ambitious Airport City project will not be possible before the 2016-end, ...

 Nov 27 2014 - Qatar- 'Golden decade' for GCC petrochemicals industryThe Peninsula
(MENAFN - The Peninsula) The GCC petrochemicals sector is entering a promising phase in its development and has to leverage opportunities in order to overcome challenges from global competition, said ...

 Nov 27 2014 - Qatar world's second infrastructure marketThe Peninsula
(MENAFN - The Peninsula) Qatar is the second most attractive market in the world for investments in infrastructure. A global Infrastructure Investment Spending Index that measured world's 41 ...

 Nov 27 2014 - Egypt opens Rafah crossing to let Palestinians reach GazaThe Peninsula
(MENAFN - The Peninsula) Egypt opened the Rafah border crossing yesterday for the first time in a month to allow thousands of stranded Palestinians to return to the Gaza Strip, border officials ...

 Nov 27 2014 - Egypt cabinet okays draft anti-terrorism legislationThe Peninsula
(MENAFN - The Peninsula) Egypt's cabinet approved yesterday a draft anti-terrorism law that would give the government blanket power to ban groups on charges ranging from harming national unity to ...

 Nov 27 2014 - Yemen unrestThe Peninsula
(MENAFN - The Peninsula) Shia Houthi fighters ride a truck outside the house of Sunni tribal leader Sheikh Sadiq Al Ahmar in Sana'a yesterday. Five people were killed in clashes between Houthi ...

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