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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag
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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag

The Saudi Ministry of Communications and Information Technology has announced the start of the second phase of the Source Tech initiative, which is part of efforts to boost the Saudi digital economy.
This phase's launch follows the initiative's success in its first stage, which established more than 15 tech centers in six regions across Saudi Arabia.
The initiative aims to maximize cooperation with the private sector to localize application and software development, outsourcing, and communication services within the Kingdom.
The initiative is part of the ministry's ongoing efforts to develop the digital economy, create job opportunities, and enhance technical skills for the youth in various Saudi regions.
In its second phase, the initiative seeks to further expand the number of technology centers, in partnership with the National Technology Development Program (NTDP), further enhancing the Kingdom's position as a global digital hub based on technology and innovation.
Additionally, it aims to strengthen continuous digital transformation efforts and support a wide range of leading technology companies that effectively contribute to achieving strategic goals and supporting digital economic growth.

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Saudi Oil Giant Expands Investments Through Local, International Acquisitions

Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
TT
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Saudi Oil Giant Expands Investments Through Local, International Acquisitions

Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)
Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”). (Photo: Asharq Al-Awsat)

Saudi Aramco has made a series of local and international acquisitions to expand its business and fulfill its commitment to its partners to achieve its long-term strategy.
On Wednesday, the company announced its acquisition of an additional stake of 22.5% in Rabigh Refining and Petrochemical (Petro Rabigh), a refining and petrochemical complex located on Saudi Arabia’s west coast, in a $702 million (SAR 2.63 billion) transaction.
Aramco also signed a definitive agreement to purchase the shares, worth SAR 7 per share, from Tokyo-based Sumitomo Chemical. Both companies currently each own 37.5% of the shares in Petro Rabigh, which was listed on the Saudi Exchange in 2008.
In March, Aramco successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile. Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.

In September 2023, Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
This strategic partnership with MidOcean Energy marked Aramco’s first international investment in LNG.
Moreover, in May 2024, Aramco made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).
GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations. The acquisition, first announced in December 2023, represented Aramco’s first downstream retail investment in Pakistan and signaled the company’s growing retail presence in high-value markets.
In June this year, Saudi Aramco signed agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited (“Geely”).
HORSE Powertrain Limited was formed on May 31, 2024, by Renault Group and Geely and is incorporated and headquartered in London.
Commenting on the signing of the recent agreement with Petro Rabigh, Hussain Al-Qahtani, Aramco Senior Vice President of Fuels, said: “Aramco continues to identify opportunities to strengthen its downstream value chain, secure placement of its upstream crude oil with affiliated refineries, and convert more of its hydrocarbons into high-value materials.”
He continued: “By increasing our shareholding, we expect to achieve even closer integration with Petro Rabigh and facilitate its turnaround strategy. We look forward to building on our existing relationship with Petro Rabigh, in alignment with our strategic goals.”