Saudi Aramco, the world’s largest oil-exporting company, has entered into 55 agreements focused on driving the narratives of sustainability, digital, industrial, manufacturing, and social innovation sectors as part of a major expansion of its Namaat industrial investment programs. 

With a projected growth of 32 to 55 investments since 2021, Namaat will bolster industrial investment partnerships to stir job opportunities for KSA and to contribute to national growth and capacity building, according to a statement.

“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy while maintaining our reliability as a global energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, Senior Vice President of Technical Services Aramco, said in a statement. 

The signed deals include those with Honeywell, Shell, Samsung, AMG, and several local companies across digital, industrial, and manufacturing sectors.

Namaat is part of Saudi Arabia’s wider push to modernize its economy, diversifying its income source away from oil dependence.