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 obs 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
 Dec 8 2016 - Foreigner ISIS recruiter killed in East of AfghanistanThe Peninsula
(MENAFN - The Peninsula) Kabul: A foreigner militant recruiting for ISIS group was killed during an operation of the Afghan security forces in eastern Nangarhar province. According to the local ...

 Dec 8 2016 - Israeli Forces kill Palestinian in NablusEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Al Quds, 8th December, 2016 (WAM) -- The Palestinian Ministry of Health Thursday announced that Israeli forces have killed a young Palestinian man near ...

 Dec 8 2016 - UAE- ADNOC Distribution opens three new service stations in SharjahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 8th December, 2016 (WAM) -- ADNOC Distribution has announced the opening of three new service stations in Sharjah, taking the total number of its ...

 Dec 8 2016 - UAE- DEWA launches Excellence Day initiativeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- In compliance with the wise vision of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin ...

 Dec 8 2016 - UAE- MoF organises Fintech workshopEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 8th December, 2016 (WAM) -- The Ministry of Finance, MoF, in collaboration with the Arab Monetary Fund, AMF, has organised a workshop on the ...

 Dec 8 2016 - Dubai Culture discusses possible cooperation with National Library of KazakhstanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- Opportunities for joint cooperation between Dubai Public Library and the National Library of Kazakhstan were discussed ...

 Dec 8 2016 - UAE Ambassador and Armenian Minister discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) YEREVAN, Armenia, 8th December, 2016 (WAM) -- Dr. Jassim Mohammed Mubarak Al Qasimi, UAE Ambassador to Armenia, and Hranush Hakobyan, Armenian Minister of ...

 Dec 8 2016 - UAE participates in Bali Democracy ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) BALI, Indonesia, 8th December, 2016 (WAM) -- The United Arab Emirates is participating in the Bali Democracy Forum on the 8th and 9th of December with a ...

 Dec 8 2016 - Emirates Soil Museum opens its doors in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- The International Centre for Biosaline Agriculture, ICBA, and the Abu Dhabi Fund for Development, ADFD, inaugurated on ...

 Dec 8 2016 - UAE- Hedayah, UNDP co-host 3rd annual international CVE Research Conference in JakartaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JAKARTA, 8th December, 2016 (WAM) -- Hedayah, the International Centre of Excellence for Countering Violent Extremism, and United Nations Development ...

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

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