Aramco’s Namaat program to launch companies worth $25bn

Saudi Arabian Oil Co.’s Industrial Investments Program, Namaat is helping to launch 31 local and international companies with an estimated total value of SR92 billion. (Supplied)
Short Url
Updated 12 June 2023
Follow

Aramco’s Namaat program to launch companies worth $25bn

RIYADH: A cloud storage company, an iron sheet manufacturer, and a logistics management center are among the firms being established by Saudi Arabian Oil Co.’s Industrial Investments Program, Namaat. 

The initiative, launched by the oil giant in 2021, is helping to launch 31 local and international companies with an estimated total value of SR92 billion ($24.53 billion), it has been announced. 

Of those firms, 13 have started their operations, while five other companies are still in the implementation and construction phase, according to Al-Arabiya. 

The latest developments come a year on from Namaat revealing it had reached 55 investments, and in 2021 it announced it had signed 22 memorandums of understanding to drive forward the initiative. 

Speaking in July 2022, Ahmad Al-Sa’adi, Aramco’s senior vice president of technical services, said: “Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy while maintaining our reliability as a global energy supplier at a time of market uncertainty.” 

Namaat, meaning “collective growth” in Arabic, was formed to “tap into the vast opportunities in Saudi Arabia to create new value.” 

Companies that signed the deals with Aramco in September 2021 included DHL, Samsung, Hyundai, Honeywell and British technology firm AVEVA. 

According to Aramco’s website, Namaat is the “natural next step” to the company’s In-Kingdom Total Value Add Program, which is focused on enhancing supply-chain efficiencies and reliability. 

“It also complements other initiatives that aim to create a world-class energy and industrial ecosystem in Saudi Arabia, such as the King Salman International Complex for Maritime Industries and Services, and King Salman Energy Park (SPARK), a sustainability-focused energy park being built by Aramco,” says the website. 

Other companies to previously sign deals with Namaat include Armorock and AlKifah Precast, which created a joint venture to localize the use of polymers in concrete production and a consortium involving Accenture, Al Gihaz Holding and Impulse Partners for establishing and operating the Spark Digital Center. 


As world fractures, experts weigh in on the politics of AI at WGS

Updated 05 February 2026
Follow

As world fractures, experts weigh in on the politics of AI at WGS

  • e& group CEO Hatem Dowidar said there was increasing pressure to choose between the Chinese and US ecosystems

DUBAI: Across three days of rigorous debate at the World Government Summit in Dubai, experts from some of the world’s largest tech and telecommunication companies debated what the future political landscape of artificial intelligence development would be.

Speaking at the summit on Thursday, e& group CEO Hatem Dowidar said there was increasing pressure to choose between the Chinese and US ecosystems, which could have impacts on the sovereign capabilities of countries, like Gulf Cooperation Council member states, which thus far have stayed in the middle.

“I think the fracture and the pressure today is if you use this technology, you cannot use the other. You must separate them completely and this is something that never happened before,” Dowidar said.

He warned that whilst people around the world currently have access to both the leading large language models in the US and China, ChatGPT and Deepseek, this would not always be the case, and middle powers would need to develop their own capability to maintain their sovereignty.

“Europe is trying to find its own way as well, because Europe — having been caught now in the middle — they don’t have platforms, they don’t have the data center capability,” he said.

“So now, Europe is focusing a lot on building sovereign capability, sovereign data centers to run AI applications within Europe.”

Dowidar said the GCC had been ahead of the curve in this regard, having worked out early on that sovereign capability would be necessary in the new multipolar world and subsequently investing heavily in local infrastructure and capability.

“We were lucky here in the region that already — I would say a couple of years ago —we have kind of ironed out how this works,” he said.

“I think that everyone will try to see how they can either utilize the global platforms in a sovereign manner, or they end up trying to push to develop their own platforms.” 

This sentiment was echoed by Chamath Palihapitiya, the founder and managing partner of Social Capital, who said that China’s dedication to open-source models — whose code is released under a license granting users rights to view, study, modify, and redistribute it freely — could make Chinese AI more popular in the long run for nations looking to keep some level of sovereignty.

“I do think that there are a handful of American open-source models that are quite good. I think Nvidia’s models are excellent. But in fairness, the Chinese open-source models are just superb,” he told the summit on Wednesday.

“It’s going to be important for every country to make their own decisions about their own sovereignty, and in that realm, I think the open-source models provide the clearest path, because it just gives you total transparency to what’s happening underneath the hood.”

This was reiterated by Joseph Tsai, the chairman and co-founder of Alibaba Group, who said Chinese open-source systems would be favored by middle powers — but warned they had yet to find a way to be economically self-sufficient. 

“Because countries care about the sovereignty aspect and care about their data privacy, you can take an open-source model and deploy it on your own infrastructure … giving you ownership and control” he said.

“But it remains to be seen how economically all the model companies are going to make it sort of sustainable with an open-source approach … This is the biggest challenge for the Chinese firms.”