HFI Launches Saudi Arabian Ventures Initiative (SAVI)
Where energy is opportunity: the strapline of Saudia Arabia’s national oil company Saudi Aramco could not be more fitting than at the present time. The Kingdom continues to make hefty strides towards economic reform, reducing its resilience on oil exports and tapping into alternative energy sources.
Within the past few weeks there have been major announcements on Saudi Arabia’s electricity and nuclear industries, both intrinsically linked to the Saudi Arabia 2030 Economic Vision National Transformation Plan and joint venture opportunities.
Minister of Energy, Industry and Mineral Resources Khalid Al-Falih confirmed that the kingdom is set to use atomic energy to generate electricity for the first time, and work is underway to identify suitable sites for two nuclear reactors.
In addition, Italian technical consulting and engineering company CESI has signed a deal to operate a state-of-the-art electrical testing facility – a partnership which has been heralded as a “significant step” towards the objectives of the 2030 Vision.
But this is just the tip of the iceberg. HFI Consulting International has long recognised the potential that exists within the kingdom for companies and through our Saudi Arabian Ventures Initiative (SAVI) we aim to help clients capitalise on those opportunities.
In the space of a few short months, in addition to the investment of up to US$50bn in nuclear and renewables projects now clearly being realised, there have also been announcements of a US$30bn a year fund by Aramco, including long-term agreement arrangements for engineering, procurement and construction projects, and a major boost in funding for the water sector, including desalination schemes.
Saudi Arabia is serious about delivering on the commitments it set out in the 2030 Vision, and many operators have already latched on to those opportunities. The North Sea, with its advanced technology and know-how, needs to ensure that it is also at the head of the queue to take advantage of these unprecedented times in the kingdom.
Riyadh, Saudi Arabia’s capital and main financial hub, is on a desert plateau in the country’s center.
SAVI combines HFI’s legal consultancy, which covers everything from business licensing arrangements to investment applications specific to Saudi law, with business consultancy services such as market intelligence data and bridgehead management during the initial stages of a new venture.
A specialist team has been put in place to respond to SAVI-related enquiries, comprising consultants Malcolm Kelly, Anwar Selouan, Ramzi Selouan, Nabil Al Boustany and Majed Al Shamlany within our legal services, and Graham Berry and Linda Al Orm from our Bridgehead energy consultants pool.
Key members of our team will be staging another round of meetings in the Kingdom in early November with local companies looking for technology partners in response to these major investment programmes.
In the months since the launch of HFI, the team has attended industry events around the globe and Saudi opportunities are a constant topic of conversation. We anticipate that it will feature heavily on the agenda of our participation in ADIPEC 2017 from November 13 to 16 where we will be part of the EIC UK pavilion. For more information about SAVI, visit our website.