Aramco, KAUST to Form Consortium for Nonmetallics and Composites in Energy Applications

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
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Aramco, KAUST to Form Consortium for Nonmetallics and Composites in Energy Applications

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)

The King Abdullah University of Science and Technology (KAUST) has signed an agreement with Aramco to establish a technology consortium focusing on performance and integrity management of nonmetallics and composites in energy applications (ENERCOMP), said KAUST in a statement.

Aramco has joined ENERCOMP as a founding member and first research sponsor to further advance nonmetallic materials in the energy sector.

"The five-year technology consortium represents a significant university-based R&D investment in nonmetallics and composites in the Kingdom, setting an example of bringing a new technology value chain together to strengthen the Kingdom’s position in the energy and materials transitions," said the statement.

The joint investment aims to support the Kingdom’s vision toward sustainability and diversification through the development of less energy-intensive and lower carbon-footprint materials.

Aramco will leverage its experience from relevant initiatives such as the Rice University Carbon Hub in the US and the Nonmetallic Innovation Center (NIC) in the UK to support ENERCOMP in transforming fundamental science into deployable integrity management solutions. This will increase industry confidence in the long-term role that nonmetallics and composites can play as an integral part of the materials transition.

Similar to the NIC model, the initiative will encourage other energy sector players to join the consortium and utilize KAUST’s cutting-edge research capabilities in engineering solutions, AI and material science.

Aramco Senior Vice President of Technology Oversight and Coordination Dr. Ali Al-Meshari said: "Through this collaboration, we aim to create an innovation hub for advanced composites in the Kingdom. By focusing on the development and integration of smart and cost-effective sensors in composite materials and applying emerging AI solutions, we can deploy novel integrity management technologies to the energy industry at large."

Director of ENERCOMP and KAUST Professor of Mechanical Engineering Prof. Gilles Lubineau highlighted the significance of this step, saying that ENERCOMP represents a new era of collaboration between KAUST and energy sector leaders.

The ambitious industry-focused partnership aims to establish a specialized team at KAUST to support engineering applications of nonmetallics and composites throughout the energy value chain. By supporting the Kingdom's nonmetallic and composite agenda, ENERCOMP will deliver innovative solutions crucial for a sustainable future, he added.



20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
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20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)

Raed Al-Fayez, Deputy Governor of the Communications, Space, and Technology Commission for the Technology Sector, revealed that the number of tech companies listed on the Saudi stock market has grown to 20 in 2023, with a market value of around SAR 148 billion ($39.5 billion). This marks a significant increase from just two companies in 2020.

Speaking on Wednesday at the opening presentation of the fourth edition of the Digital Technology Forum under the theme, “Integration for a Sustainable Digital Future,” Al-Fayez noted that Saudi Arabia’s tech sector market size reached approximately SAR91 billion ($24.3 billion) in 2023, making it the largest in the region.

He added that the key enablers in the sector include a supportive investment environment, enabling regulatory frameworks, the availability of talents and expertise, and a renewed digital infrastructure.

Al-Fayez further highlighted that Saudi Arabia leads the region in venture capital investments, with a value of $1.4 billion, providing financial support for ideas and entrepreneurs. By mid-2023, the Kingdom ranked first in the region and second globally among emerging markets in venture capital funding.

He also mentioned that the Saudi tech sector boasts the largest workforce in the region, with 360,000 employees by the second quarter of this year, specializing in various fields. Women make up 35% of this workforce, a rate higher than the European Union average, the G20, and even Silicon Valley.