News

HFI is delighted to launch the Q1 2024 edition of HFI’s SAVI - Saudi Arabia Ventures Initiative (SAVI) e-Guidebook. 

SAVI supports energy sector ventures which are centred on advanced petroleum technology and energy transition technology relating to Aramco-driven opportunities in the Kingdom of Saudi Arabia and its offshore territories in the Gulf and Red Sea.

These opportunities are driven by the massive aramco investment programme and the diversification objectives of the Saudi Arabia Economic Vision 2030. SAVI also extends to the energy transition including the NEOM Project in the north-west of Saudi Arabia.

SAVI, in collaboration with our in-country legal network advisors, Al-Suweiket & Al-Busyaies, supports all aspects in the planning and implementation of energy technology ventures for Saudi Arabia - whether by acquisition, joint venture or new business establishment - and their subsequent expansion, restructurings, divestments and exits. SAVI pulls together over 20 years of client ventures in the Kingdom to address key challenges including foreign ownership laws, local partner agreements, technology licences, manufacturing facilities contracts, corporate taxation, IKTVA and Saudization.

The EIC (Energy Industries Council) Datastream service is currently tracking approximately 100 major energy sector projects in KSA across upstream oil & gas, refineries, petrochemicals, nuclear and renewables, representing US$212 billion of opportunities. This is close to a third of the total GCC US$660 billion market size.

In addition to the massive investment programmes of Aramco and its downstream joint ventures, Saudi Arabia is actively promoting extensive renewable energy projects, with the aim of renewables constituting around 50% of its energy portfolio and the achievement of net–zero emissions by 2060.  It is developing one of the world’s green hydrogen facilities, due to come online by 2025 and powered by more than 4GW of solar and wind energy.

Following the highly successful IADC and IPTC conferences in November and February, HFI is very much looking forward to EIC KSA Connect 2024 being held on 27th February in Dammam. This will be EIC and Asharqia Chamber’s first physical KSA Connect event and will be led by Ryan McPherson, Middle East, Regional Director.

Key players at EIC KSA Connect will be aramco, NMDC Group, McDermott International, Ltd, Saipem, Kent, Subsea7, The Department of Business and Trade, King Salman Energy Park (SPARK), Ministry of Investment, ACWA Power, LRQA, ZOMCO ,Midad Holding, Modutec and Flexitallic.