Today, Monday, Saudi Aramco signed memoranda of understanding with Royal Shell and Dutch (AMG), and Chinese companies that included Sogo Corporation (XDM), Shin Gong, Zenfu Company, and Zhejiang Subcon Technology Co., Ltd., in addition to POSCO, which is located Based in South Korea, as part of its plans to forge new international partnerships and establish companies through the industrial investment program linked to the development of the company's business, as a continuation of its efforts in its pioneering program to increase local content and strengthen supply chains.

The signing of these MoUs represents a major addition to the program to enhance the total added value of the supply sector in the Kingdom (IKTVA) since its launch five years ago on December 1, 2015, and this strategic cooperation will pave the way for the launch of new businesses across many innovative growth sectors, including Sheet steel fabrication, 3D printing, digital equipment manufacturing, energy management and control systems, chemical media manufacturing and recycling, as well as the manufacture of advanced electronic chips and smart sensors.

This cooperation reflects Saudi Aramco's commitment to enhance its reliability and operational efficiency, and to boost the industrial structure in the Kingdom, which in turn will strengthen the commercial system, support the local supply chain, and provide new job and training opportunities in large numbers for the Saudi workforce.

Saudi Aramco President and Chief Executive Officer, Engineer Amin bin Hassan Al-Nasser, explained that Saudi Aramco has achieved great success, since it launched the IKTVA program to increase local content, as the company's local content index increased from 35% to 56%, despite the fluctuations in the global economy at the time. Currently, however, the company's focus is on long-term goals that take into account the company's interest and at the same time create a tangible positive impact on the business environment, economic development and GDP in the Kingdom.

For his part, Senior Vice President of Technical Services at Saudi Aramco Ahmed Al-Saadi said that Saudi Aramco has a proven track record in developing industrial investments to support local supply chains, and that the program to enhance the total added value of the supply sector in the Kingdom (IKTVA) is a testament to the company's commitment to strengthening chains Supply her to obtain the strategic flexibility that enables her to meet various challenges.