Aramco Signs First Contract for King Salman Int’l Complex for Maritime Industries and Services

Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
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Aramco Signs First Contract for King Salman Int’l Complex for Maritime Industries and Services

Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)

Saudi Aramco signed a contract with a consortium including Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for the King Salman International Complex for Maritime Industries and Services in the city of Ras al-Khair.

With investments reaching $6 billion, King Salman International Complex is an ambitious project that will help drive the Kingdom’s economic diversity and growth and localize energy sector industries.

Its location in the strategic Ras al-Khair area enables the complex to meet the construction needs of offshore oil and gas rigs, offshore platforms and support vessels, and a variety of maritime equipment and commercial vessels It will also provide them with maintenance, repair and overhaul services.

The contract is the first of its kind where contractors will conduct dredging and reclamation of about 37 million cubic meters of fill, in addition to ground improvement over an area of 7.4 million square meters.

The contract will also provide for constructing 4,500 linear meters of concrete quay walls and wharves and 12,000 linear meters of rock revetments and breakwaters to protect the integrity of the complex.

Saudi Aramco’s Senior Vice President for Technical Services Ahmed al-Sa’adi stated that it is an important milestone for King Salman International Complex for Maritime Industries and Services.

“The Complex is in line with the Kingdom’s economic diversification objectives, it will position the Kingdom as a strategic logistics hub and will create vast job opportunities,” he added.

Initial phase of the contract will be fully executed by 2020 and it is crucial for the whole program as it will prepare the project’s land for subsequent construction of a dry dock and ship building and maintenance facilities.

Custodian of The Two Holy Mosques King Salman bin Abdulaziz inaugurated the complex in November 2016 in Ras al-Khair, north of Jubail industrial city in the Eastern Province.

The complex complements the growth of the Saudi energy industry and helps to meet the development and diversification objectives outlined by Saudi Vision 2030.

The facility will offer quality, efficiency and economies of scale, and when completed will offer vessel and rig build, maintenance, repair and overhaul services. The project will comply with all of the Saudi government’s environmental and sustainability requirements.



UAE Cabinet Approves 12% Spending Increase in 2025 Budget

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)
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UAE Cabinet Approves 12% Spending Increase in 2025 Budget

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)

The United Arab Emirates' cabinet has approved a balanced budget for the 2025 fiscal year with expenditures rising to 71.5 billion dirhams ($19.47 billion), state news agency WAM said in a statement on Tuesday.

The Gulf state, one of the world's top oil exporters, projects an increase in spending of almost 12% next year from 2024 estimates, but still expects a balanced budget in 2025, since revenue is also budgeted at 71.5 billion dirhams, according to the statement.

The approved annual budget is part of the UAE's multi-year financial plan for the years 2022-2026. The country approved a$52.3 billion budget for 2024-26 last October.

The UAE is a federation of seven emirates, all of which can set individual budgets, in addition to a federal budget. A large focus of the federal budget is on social and welfare spending.

Almost 40% of the 2025 budget will be allocated to social development and pensions, with education accounting for the majority of spending in that sector, followed by healthcare.

More than 35% of the spending is for government affairs, with much smaller allocations for the Infrastructure and Economic Affairs sector and for the Financial Investments sector, the statement said.