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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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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat
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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat

A high-level Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting in Davos on January 20-24.

The Kingdom’s delegation includes Minister of Commerce Majid Al-Kassabi; Minister of Tourism Ahmed Al Khateeb; Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy Adel Al-Jubeir; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Communications and Information Technology Abdullah Alswaha; Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Taking place under the theme of “Collaboration for the Intelligent Age”, the 55th World Economic Forum Annual Meeting arrives at a time of growing geopolitical, economic and humanitarian challenges — from ongoing conflicts to a tepid global growth trajectory, and from the seismic impact of advanced technologies on labor markets and human capital to the increasingly urgent need for a practical and inclusive energy transition.

During its participation, the Saudi delegation will collaborate with leaders from government, the private sector, civil society and academia to address these pressing global challenges and shape a prosperous future. The delegation will also explore opportunities to drive disruptive innovation, unlock human potential, steer sustainable transitions and foster global dialogue.

The delegation will also share experiences and insights from its transformation journey and wide-ranging reform agenda under Saudi Vision 2030, which is building a more resilient, productive and integrated economy.

The Ministry of Economy and Planning (MEP) leads the Kingdom’s long-standing partnership with the WEF and has delivered impactful initiatives that have addressed pressing global challenges.
The 55th annual meeting of the World Economic Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to young changemakers and representatives of civil society and academic institutions.