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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)

Saudi Aramco has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP, Cognite said on Wednesday.

The price for the stake was "around 1 billion Norwegian crowns," or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.

Cognite and Saudi Aramco are in a partnership to provide digitization services in Saudi Arabia and the wider Middle East region.

"Cognite has proven that their technology delivers complex real time insights seamlessly and is optimizing how energy is being supplied to the world," Saudi Aramco Senior Vice President Ahmad A. Al-Sa'adi said in a statement.

Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke's group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.

US venture capital firm Accel holds 12.4% while Cognite's Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.

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Saudi Arabia Unveils $2.6 Bln in Real Estate Supply Chain Investment Opportunities

A panel discussion on the sidelines of the Real Estate Supply Chain Forum in Riyadh (Asharq Al-Awsat)
A panel discussion on the sidelines of the Real Estate Supply Chain Forum in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Unveils $2.6 Bln in Real Estate Supply Chain Investment Opportunities

A panel discussion on the sidelines of the Real Estate Supply Chain Forum in Riyadh (Asharq Al-Awsat)
A panel discussion on the sidelines of the Real Estate Supply Chain Forum in Riyadh (Asharq Al-Awsat)

The Saudi government is expanding its targets for “Supply Pro,” a digital platform that connects contractors and building materials manufacturers under the National Housing Company.

The plan includes a 30% increase in the number of registered local and international suppliers, a 7% localization of building materials used in housing units, and the creation of new investment opportunities valued at over 10 billion riyals ($2.6 billion) in manufacturing, supply, and logistics services.

These initiatives are expected to generate more than 5,000 jobs.

This was revealed by Mohammad Al-Bati, CEO of the National Housing Company, during his speech at the “Real Estate Supply Chain Forum” in Riyadh on Tuesday, which was sponsored by Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail.

The event, attended by a group of consultants, contractors, and manufacturers, aimed to explore collaboration opportunities, learn about the latest technologies in the building materials industry, and facilitate knowledge exchange between local and international companies to strengthen supply chain networks.

Al-Bati also disclosed several agreements recently signed by the National Housing Company to support the real estate supply chain, with a total value exceeding 21 billion riyals ($5.6 billion).

These agreements have notably boosted local content, increasing from 54% to 63% by the end of 2024, while generating thousands of direct and indirect job opportunities in this vital sector.