Aramco to Launch 65 New Projects in 2023

Future Projects Forum in Riyadh (Asharq Al-Awsat)
Future Projects Forum in Riyadh (Asharq Al-Awsat)
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Aramco to Launch 65 New Projects in 2023

Future Projects Forum in Riyadh (Asharq Al-Awsat)
Future Projects Forum in Riyadh (Asharq Al-Awsat)

Major government and private entities reviewed their future projects worth billions of dollars to allow contractors to benefit from their implementation, coinciding with the 4th edition of the Future Projects Forum in Riyadh.

The Saudi Contractors Authority, in partnership with several public and private entities, launched the Forum on Sunday, showcasing nearly 3,000 projects worth $213 billion.

The participating agencies disclosed projects for more than 13 government agencies and the private sector, including five ministries.

The Authority signed ten memoranda of understanding (MoU) with several agencies, and the winners were crowned with Excellence Awards.

Saudi Arabian Oil Company (Aramco) announced it will launch 55 new projects in 2023 and ten other gas and oil projects.

Aramco will also launch 30 digital solutions that manage more than 100 indicators, with its plan to launch 24 other technical solutions to meet the increased demand during the next three years.

Aramco explained that it is adopting high-level technical solutions to increase its growth globally, as it has provided more than 160 technical solutions in its projects, indicating that it employs its capabilities to launch huge technical applications.

Aramco's Project Management has launched 14 applications to manage more than 160 jobs with more than 3,000 employees.

Meanwhile, the major corporations of the Saudi oil, gas, chemical, and iron industries confirmed their growth, noting that they will transfer the challenges created by the coronavirus pandemic into real opportunities.

Representatives of the sectors highlighted the requirements of the contracting industry to achieve Vision 2030 projects and the primary impulse of many vital industries.

The Saudi Ministry of Energy participated in the Forum by presenting executive plans in developing renewable energy projects and its most prominent achievements to enable its promising sector in the next stage.

The Ministry indicated that it is about to launch new projects at the beginning of 2023, revealing many initiatives to localize and enable renewable energy opportunities.

The ministry is implementing its plans under Vision 2030 while working to develop its digital tools and solutions. It also stressed the need to stimulate sustainable development of renewable and green energy and green hydrogen.

Saudi SABIC stated that it generates 150 new products annually and world-class processing technologies worldwide, revealing it has over 66 facilities and more than 10,000 inventions and applications.

SABIC explained that its assets amount to $85 billion, making it the second-best brand in the industry globally.

Several memoranda of understanding were signed between the Saudi Contractors Authority and King Abdulaziz City for Science and Technology on the sidelines of the Forum



Saudi Arabia’s Mandatory List Boosts Local Companies in Government Procurement

A factory in Saudi Arabia (Asharq Al-Awsat)
A factory in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia’s Mandatory List Boosts Local Companies in Government Procurement

A factory in Saudi Arabia (Asharq Al-Awsat)
A factory in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Mandatory List has emerged as a strategic lever to strengthen the role of local businesses in public sector procurement.

Designed to drive demand for Saudi-made products, the list not only expands market opportunities for domestic manufacturers but also ensures that government entities procure reliable goods that meet stringent quality standards.

Last year, government tenders that included items from the list surpassed 46,600, with a combined value of SAR67.6 billion ($18 billion).

The Local Content and Government Procurement Authority has been steadily updating the list, adding about 407 new products in 2024.

This week, officials announced a further expansion, introducing 105 additional products across seven key sectors: pharmaceuticals and medical supplies, construction, transportation and logistics, furniture, cybersecurity, and information technology.

Authorities say this effort underscores a broader commitment to make local content a cornerstone of Saudi Arabia’s future economy. By prioritizing Saudi products, the government aims to empower national industries, spur innovation, and increase job opportunities while reducing reliance on imports.

The latest update is also part of policies favoring small and medium enterprises (SMEs) and companies listed on the Saudi financial market.

The initiative seeks to strengthen local supply chains and raise the readiness of domestic factories to fulfill public sector demand.

According to the Authority, expected government spending on the newly added products exceeds SAR2.3 billion ($613 million). More than 100 Saudi factories are already equipped to meet this anticipated demand.

These measures form part of broader efforts to maximize the economic impact of public spending. In the second half of last year alone, a series of new policies, strategic agreements, and national programs contributed to economic gains exceeding SAR80 billion ($21.3 billion).

The Authority also integrated local content requirements into 54 privatization projects valued at SAR269 billion ($71.7 billion). Of these, 24 projects have already achieved their targets, representing overSAR 131 billion ($34.9 billion) in contracts aimed at boosting private sector participation and employment.