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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)

 The World Economic Forum (WEF) announced, on Monday, the inclusion of Saudi Aramco’s Yanbu Refinery within the “Industrial Lighthouses” network, in appreciation of its efforts in the effective application of advanced technologies, which seek to provide many operational, commercial and environmental benefits.

According to a statement by Aramco, Yanbu Refinery is the fourth Aramco facility to be included in this global network, along with other major facilities, such as the Abqaiq oil processing plant, the Uthmaniyah Gas Plant, and the Khurais oil production facilities.

The statement added that the Yanbu Refinery is one of 21 new facilities added to the prestigious network, which now includes a total of 153 manufacturing facilities around the globe. Aramco is the only international energy company to be represented by more than two facilities.

“This new recognition by WEF reflects Aramco’s sustained focus on the development and deployment of state-of-the-art 4IR (Fourth Industrial Revolution) technologies, which enhance our operations and contribute to our sustainability objectives,” said Ibrahim Al-Buainain, Aramco Executive Vice President of Global Manufacturing.

He continued: “At Yanbu Refinery, we have successfully harnessed 4IR use cases to improve profits, increase production and expand processing capacity, while simultaneously reducing energy consumption, waste generation and gas emissions. Such achievements reinforce our position as a technology leader in our industry and highlight the benefits for our industry of adopting cutting-edge solutions.”

The Yanbu Refinery is part of the Saudi Aramco refining, chemicals and marketing portfolio, and one of the largest refining businesses in the world. It processes crude oil to produce refined products such as liquid petroleum gas, gasoline, diesel, jet fuel, kerosene, fuel oil and asphalt.

The refinery was operated on the western coast of the Kingdom in 1983, to meet local demand for refined products. Its initial design capacity of 170,000 barrels per day of Arab Light crude was later expanded to process 235,000 barrels per day of Arab Light.

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Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)
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Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)

A $5 billion energy investment fund was unveiled in Riyadh on Tuesday during the Saudi-US Investment Forum, held in conjunction with US President Donald Trump’s visit to the kingdom, in a move aimed at boosting bilateral partnerships and stabilizing the global energy sector.

The White House announced in a statement that the fund was among several key initiatives agreed during Trump’s visit, calling it a “historic step” toward deepening economic cooperation between the United States and Saudi Arabia.

Scott Pruitt, who served as the Administrator of the Environmental Protection Agency (EPA), told Asharq Al-Awsat the fund will target strategic investments in the energy sector, focusing primarily on US-based companies.

These include firms supporting existing energy hubs and those developing transitional technologies to advance the global energy future and promote efficient manufacturing.

Pruitt said the fund aligns with Saudi Arabia’s Vision 2030, aiming to invest in companies that can benefit from the kingdom’s business environment while also supporting energy-related infrastructure, services, and manufacturing in the US.

The fund is expected to begin deploying its $5 billion capital in 2025, he added.

Strategic Investment in Energy

Neil Bush, chairman of Skytower Investments, a green technology investment firm, said the energy fund brings together experienced partners in fund management and energy investment.

He noted that it will play a critical role in directing strategic capital toward the future of global energy and efficient production.

The fund naturally targets the development of US infrastructure, bolstering America’s leadership in global energy markets and delivering strong returns to investors, Bush said.

Launched during President Trump’s visit, this initiative sends a strong signal of renewed economic momentum between Washington and Riyadh.

Saudi businessman Abdullah Al-Meleihi, CEO of Saudi Excellence Co., described the fund as more than a capital mechanism, calling it a “bridge of trust and ambition” between the two countries.

He emphasized Trump’s role in creating a climate conducive to innovation and opportunity.

Al-Meleihi said the fund is expected to be fully established and financed in 2025, characterizing it as a model of public-private cooperation and strategic alignment between the US and Saudi Arabia.

He noted that it enjoys robust support from the private sector in both countries as well as international investors, and will focus on energy, technology, artificial intelligence in energy, and advanced industries, while also facilitating knowledge transfer to the kingdom and capital investment in the US.