McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)
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McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)

Houston-based McDermott International announced the construction of new highly-developed facilities in Saudi Arabia to support its operations in the Middle East, as well as support Aramco’s In-Kingdom Total Value Add (IKTVA) program.

McDermott continues to develop infrastructure in the fields of wind energy and other renewable energies in the kingdom.

McDermott President and CEO David Dickson stated that the two Memorandum of Understanding (MoUs) signed between McDermott and Aramco, support Vision 2030 and Aramco's initiative to enhance its added value and presence inside the Kingdom. He added that this complies with the initiatives launched in Saudi Arabia and the ability to provide local solutions to meet the needs of the modern business environment.

Speaking to Asharq Al-Awsat, Dickson expected that the two new facilities, set to be built in Ras al-Kheir, will enhance McDermott's manufacturing capacity in the Middle East from 8 million hours to 16 million hours a year, which will provide better service in the Middle East and other regions.

Dickson emphasized that McDermott is committed to using the local Saudi competencies to operate its facilities and develop their expertise, adding that he looks forward to recruiting and developing qualified Saudi talent at a high level in the Kingdom.

He stressed that oil and gas will continue to play an important role in meeting the world's energy needs in the foreseeable future.

Dickson also expects McDermott to play a key role in developing some of the infrastructure in wind and other renewable energy markets because of its growing importance and compatibility with many of the manufacturing, installation and project implementation needs.

He stressed that the oil and gas will remain at the heart of the work of McDermott, but there are other opportunities to expand the scope of its work beyond that.

"We are fully committed to supporting Aramco's added value within the Kingdom, and although we have come a long way in this area, we need to do more, and we are focusing on doing so," Dickson concluded.



Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
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Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)

Several major national companies are participating in the UK-Saudi Sustainable Infrastructure Summit in London on June 24-26.

According to information made available to Asharq Al-Awsat, the Federation of Saudi Chambers is seeking to mobilize the largest possible number of companies specialized in sustainable infrastructure to explore partnerships with the United Kingdom in green construction, smart cities, and technologies.

The summit will address topics that touch on the importance of Saudi-British cooperation in developing and financing sustainable infrastructure and development of cities, in addition to green technology and renewable energy initiatives.

Trade Exchange

The event will be followed by a meeting of the sectoral working groups on June 25 and an evening celebration of the tenth anniversary of the British-Saudi Business Council. The Sports Investment Forum will be held on June 26.

The value of trade exchange between Saudi Arabia and Britain exceeded 17 billion pounds ($21 billion), while the two countries aim to increase the volume of bilateral trade to $37.5 billion by 2030.

In May, Riyadh hosted the Great Futures conference, one of the initiatives of the Saudi-British Strategic Partnership Council, which is chaired by Saudi Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.

The conference sought to strengthen economic relations in several promising sectors, in addition to developing trade and mutual investment.

The two kingdoms explored opportunities through 60 initiatives in 13 sectors that enhance economic, trade and investment partnerships in all fields.

Speaking at the event in May, Saudi Minister of Commerce Dr. Majid Al-Qasabi said that the United Kingdom is the second largest exporter of services in the world, and that his country has promising opportunities and a will to diversify the economy.

He added that joint cooperation between the two countries covers various fields, with a focus on the commercial, financial, digital, cultural, educational and health sectors, as well as sports, tourism and entertainment.