UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
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UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)

The UAE revealed eight national projects and initiatives as part of the outcomes of the annual meetings of the UAE government, which were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum and the participation of more than 500 officials.

The meetings witnessed the launch of the “We the UAE 2031” plan, which targets a new stage of sustainable development in the country, and sets a roadmap for the development path for the next 50 years.

The meetings also saw the announcement of an increase in support for the salaries of citizens in both the private and banking sectors, and the expansion of the covered sectors and specializations. The move aims to attract the largest number of national job seekers and encourage them to work in the private and banking sector institutions.

The new initiative will also contribute in building partnerships and supporting more than 170,000 beneficiaries in both the private and banking sectors during the next five years.

The strategic plans also included the Emirates Villages Project, which aims to create a sustainable development model that suits all regions in the country, and benefits from the human energies and natural potentials of each region.

The project seeks to create economic and investment opportunities that achieve social stability, and to provide appropriate economic openings in villages and remote areas.

The project is based on five development tracks, where the Emirates Council for Balanced Development will seek during the next five years to achieve a set of goals that focus on creating a micro-economy in 10 villages.

The annual meetings of the UAE government also saw the signing of seven major partners’ agreements for social contribution in support of the "Emirates Villages" project, with a value of 200 million dirhams ($54.4 million).



Aramco, Sinopec and Yasref Sign Venture Framework Agreement for Petrochemical Expansion

Photo by SPA
Photo by SPA
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Aramco, Sinopec and Yasref Sign Venture Framework Agreement for Petrochemical Expansion

Photo by SPA
Photo by SPA

Saudi Aramco, China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) announced the signing of a Venture Framework Agreement (VFA) to pave the way for a major petrochemical expansion at Yasref, in Yanbu, on the west coast of Saudi Arabia.
According to a press release from Aramco, the agreement, coinciding with Yasref's 10th anniversary, seeks to advance engineering studies for the development of a fully integrated petrochemical complex at Yasref, a joint venture owned by Aramco (62.5%) and Sinopec (37.5%). The project aims to maximize operational synergies and create additional value by introducing a state-of-the-art petrochemical unit, a large-scale mixed feed steam cracker with a 1.8 million tons per year capacity, and a 1.5 million tons per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex. This is expected to enhance Yasref's ability to meet the growing demand for high-quality petrochemical products, SPA reported.
President and CEO of Saudi Aramco Amin H. Nasser said, "The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec. The planned expansion project solidifies our commitment to product innovation and diversification. As we look forward to strengthening our collaboration with Sinopec in making Yasref a leading refining and petrochemicals joint venture, we aim to contribute to growing Saudi Arabia's position as a global leader in energy and chemicals."
Aramco Downstream President Mohammed Y. Al Qahtani stated, "The planned Yasref expansion aligns with our downstream strategy to unlock the full potential of our resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030. In partnership with Sinopec, we aim to advance cutting-edge refining and petrochemical capabilities to deliver high-value products, create new opportunities, drive industrial innovation, and enable economic transformation. This highlights our strategic, long-term partnership with Sinopec."
Sinopec President Zhao Dong emphasized, "Yasref, a flagship joint venture symbolizing China-Saudi energy cooperation, has not only served as a key driver for Saudi Arabia's local economic growth but also actively advanced petrochemical industry upgrades. We expect the Yasref expansion project to unlock new dimensions of collaborative potential as we navigate the energy transition. Sinopec and Aramco are poised to establish a world-class, integrated refining and petrochemical complex distinguished by comprehensive competitive advantages, aiming to redefine traditional energy cooperation models and expand new frontiers for more sustainable development."
The release also noted that Yasref is one of several strategic partnerships between Aramco and Sinopec. These collaborations include Sinopec Senmei (Fujian) Petroleum Company (SSPC), Sinopec SABIC Tianjin Petrochemical Co. (SSTPC), Fujian Refining & Petrochemical Company (FREP), and a new integrated refining and petrochemical complex under development in Fujian Province, China. Through these ventures, the two groups aim to strengthen energy security, fuel industrial innovation, foster long-term cooperation, and contribute to the global economy.