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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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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.