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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)
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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

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.