21

Nov

2023

HFI steps up Saudi Arabia Ventures Initiative with key appointments as bow wave surges towards 2024

HFI is delighted to announce that Hugh Fraser has been appointed as a specialist consultant to leading Eastern Province law firm AlSuwaiket and AlBusaiyes Co. / شركة السويكت و البصيص للمحاماة  based in Al Khobar and on, a parallel basis, Dr. Bader Al Busaiyes, SB Law Office’s senior partner, is also appointed as a specialist consultant to Hugh Fraser International.  This bolsters our client service offering through the combination of HFI’s international and regional energy ventures capabilities with deep Saudi law and practice expertise. 

This was announced as Energy Industries Council’s latest Saudi roundtable was held in Dammam under the theme “2024 Energy Industry Outlook: Opportunities, Risks, and Strategies for Success” hosted by Asharqia Chamber of Commerce.  HFI was delighted to sponsor this event and to be represented by Hugh Fraser.

Saudi Arabia has seen its fastest economic expansion in over a decade in 2022 with its growth rate exceeding that of all other G20 countries and with GDP reaching US$1.1trn.  Saudi Arabia’s economic growth is reflected in the energy projects bow wave with EIC now tracking over US$200bn of energy projects in KSA:-

  • US$130 billion - oil and gas (upstream, midstream, downstream) – 83 projects;
  • US$33 billion - power and transmission/distribution – 47 projects; 
  • US$45 billion - energy transition (renewables, hydrogen, CCS, energy storage) – 40 projects; 

and with aramco leading the way with around US$50 billion of capex in 2023. The scale of the opportunity is staggering.

The roundtable event was a great opportunity to catch-up with long-standing connections of HFI, Gavin Ames, EVP, Zamil Operations & Maintenance Company Limited and Robbie Pond, General Manager, CORE Solutions for Petroleum Products, both based in Al Khobar.

Looking forward to a busy Q1 in Saudi coming up with International Petroleum Technology Conference (IPTC) 2024, 12th - 14th February in Dhahran, KSA and the EIC Connect KSA on 27th February in Dammam announced today by Ryan McPherson, regional director at EIC.