Saudi Arabia hosts Davos in the Desert as Aramco technology drive powers 7% national growth

26

Oct

2022

Saudi Arabia hosts Davos in the Desert as Aramco technology drive powers 7% national growth

will see 7% growth this year and the SWF Public Investment Fund is driving a raft of US$ billion giga-projects in the kingdom.

On the energy front, Saudi Aramco will announce another huge profits haul on 1 November, coinciding with ADIPEC2022. Aramco is on track to make US$40 billion of investments during 2022 and is keen to introduce advanced energy technologies into its mix to support its digitalisation, de-carbonisation and energy transition programmes.

Massive offshore fabrication yards in partnership with NPCC and McDermott have been announced with a key focus to support the IKTVA initiative.

Lead times on vendor registrations, IKTVA, taxation and legal compliance are the key challenges being faced to navigate the opportunities.

HFI Petroleum Technology Legal Solutions continues to serve as driving force for client expansion in the kingdom via our SAVI Saudi Arabia Ventures Initiative, with equity joint ventures remaining the principal expansion route being utilised.