Nesma and Partners, one of Saudi Arabia’s leading EPC contracting companies, has signed an MoU partnering with Tarmeem in the Saudi Contracting Pioneers Initiative at iktva 2023 Forum and Exhibition, where Nesma and Partners is participating as a platinum sponsor.
The initiative seeks to elevate the quality and quantity of renovation projects in the Kingdom, support local startup contractors, and contribute to the local content. It aims to establish a framework for startup contracting companies in maintenance and rehabilitation in the construction sector.
According to the agreement, Nesma and Partners will partner with Tarmeem to attract and support several local startup contracting companies, to create a positive impact by renovating and rehabilitating houses for families most in need. The initiative will attract 10 contractors in its first phase, which will target renovating 50 houses and comprise 25 percent of Tarmeem’s goals for 2023. Nesma and Partners will provide training and advisory support regarding the technical and legal aspects of the startup companies participating in this initiative to ensure their organizational and technical development. Nesma and Partners and Tarmeem hope this initiative will have an additional impact on supporting local content by adopting restoration material from emerging local building material companies.
It is worth noting that since the inception of their strategic partnership, Tarmeem has rehabilitated more than 80 houses sponsored by Nesma and Partners.
The signing ceremony took place during iktva 2023, a leading global energy supply chain event in the Kingdom organized by Saudi Aramco, being held at the Dhahran Expo from Jan. 30 to Feb. 2. Nesma and Partners’ Board Member and Chair of Executive Committee Rami Alturki signed the agreement with Chairman of Tarmeem Hamad Alkhaldi, in the presence of other officials and dignitaries from both sides.
Samer Abdul Samad, president and CEO of Nesma and Partners, said: “We are immensely proud to sign this agreement with Tarmeem.”
It is a great opportunity for us to bolster startup contractors’ positive impacts and establish new synergies toward realizing our mission of localizing opportunities and value while supporting sustainable socioeconomic development in the Kingdom.”
He added: “This initiative highlights the importance of in-Kingdom contribution as a pillar toward our company’s strategy for growth. We also continue maximizing the localization of our supply chain, with our total procurement from local vendors reaching 40 percent in the past few years. And today, our efforts toward in-Kingdom total value add were rewarded by receiving the ‘Best in Overall iktva’ award in the construction sector.”
“We shall continue to support sustainable development in the Kingdom by empowering the local talents, businesses and industries and the overall Saudi economy,” Samad said.