Aramco and AEC Sign Digital MOU

Aramco and AEC Sign Digital MOU
Aramco's latest MOU is one of several deals announced by the company last month.

Saudi Aramco has announced that it and Advanced Electronics Company (AEC) are collaborating to promote the localization of digital businesses in Saudi Arabia.

The two companies have signed a memorandum of understanding (MOU) to accelerate the Kingdom’s digital ecosystem development, Aramco noted. The partnership aims to support wider efforts to enable Internet of Things technologies, computing and communication, robotics, drones and semiconductors that complement the expansion of the digital ecosystem at large in the Kingdom, according to Aramco.

“This partnership aims to help us to develop technologies and local talent as we work with leading technology providers to add value to the company and wider economy,” Ahmad Al Sa’adi, Aramco’s senior vice president of technical services, said in a company statement.

Ziad Al-Musallam, AEC’s president and chief executive officer, said, “the cooperation with Aramco is expected to contribute to the efficiency and value of the supply chains in the industrial digital businesses, especially at the engineering, manufacturing, and services level, across many systems and products used in the ICT, security and energy sectors”.

Aramco’s latest MOU is one of several deals announced by the company last month. On December 7, Aramco announced that, in collaboration with Indian conglomerate Larsen & Toubro (L&T), it was developing manufacturing capabilities in the Kingdom of Saudi Arabia. The company also announced the signing of a $15.5 billion lease and leaseback deal involving its gas pipeline network during the month, as well as the signing of five agreements with several French companies, including an agreement to explore a hydrogen powered vehicle business with Gaussin.

Aramco manages the Kingdom’s proved reserves of 336.87 billion barrels of oil equivalent and employs more than 70,000 people, according to its website. The company traces its roots back to 1933 when a concession agreement was signed between Saudi Arabia and the Standard Oil Company of California.

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