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Saudi Aramco Launches International Maritime Industries Joint Venture

A Saudi Aramco facility in Dammam, Saudi Arabia. (Photo: HASSAN AMMAR/AFP)
A Saudi Aramco facility in Dammam, Saudi Arabia. (Photo: HASSAN AMMAR/AFP)
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Saudi Aramco Launches International Maritime Industries Joint Venture

A Saudi Aramco facility in Dammam, Saudi Arabia. (Photo: HASSAN AMMAR/AFP)
A Saudi Aramco facility in Dammam, Saudi Arabia. (Photo: HASSAN AMMAR/AFP)

Saudi Aramco and its partners have launched International Maritime Industries (IMI), a joint venture to build a shipyard on the kingdom's east coast.

The state-owned oil giant said in a statement on Friday that IMI had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea's Hyundai Heavy Industries Co.

On that occasion, Aramco and its partners announced the appointment of Engineer Fathi K. Al-Saleem as chief executive of the joint venture. Other senior executives were also appointed

The nearly 12 million square-meter facility is planned to have an annual capacity to manufacture four offshore rigs, over 40 vessels including three Very Large Crude Carriers (VLCCs), and service over 260 maritime products.

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Alswaha: Saudi Arabia's Participation at WEF Strengthens Global Efforts in AI Technologies

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
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Alswaha: Saudi Arabia's Participation at WEF Strengthens Global Efforts in AI Technologies

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo

Saudi Minister of Communications and Information Technology Abdullah Alswaha has underlined the Kingdom's pivotal role in driving the global agenda to enhance the digital economy, foster innovation, and leverage artificial intelligence (AI) to serve humanity and protect the planet.

In a statement to the Saudi Press Agency (SPA), he highlighted that the Kingdom's international standing is a result of the support and guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

The minister explained that Saudi Arabia's participation in the annual meeting of the World Economic Forum (WEF) in Davos, held from January 20 to 24, comes at a time when the world is transitioning from the digital age to the AI age.

This underscores the Kingdom's significant role in leading global efforts to promote innovation and utilize AI for the benefit of humanity.

He noted that the annual high-profile gathering provides a global platform to showcase the Kingdom's developmental, economic, and technological achievements under the framework of Saudi Vision 2030, made possible by the support of the Kingdom's leadership.

Alswaha said that Saudi Arabia is working in partnership with the international community to harness AI as a key tool for advancing sustainable development and achieving global goals, adding that these efforts aim to improve quality of life, support the digital economy, and create new job opportunities across various sectors, contributing to a sustainable and prosperous future for all.