Saudi Aramco sets up JV to invest in technology sector

State-run Saudi Aramco and the Saudi Information Technology Company signed a memorandum of understanding (MoU) to create Information and Communication Technology Investment Company, a joint venture that will invest in commercial enterprises in the information, communication and technology sector, the oil major said in a statement on Tuesday.

The focus of the new venture will be on opportunities with significant potential for local value creation, with the target market being Saudi Arabia and the GCC countries.

The joint venture will also develop a platform for investing in high potential growth companies in the information, communication and technology sector with strategic importance to the Kingdom, the statement said.

“The joint venture with Saudi Information Technology Company will provide training and employment to Saudi nationals, as well as support the growth of small and medium-sized enterprises active in the ICT sector in Saudi Arabia and the GCC market,” said Yousef Al-Ulyan, vice president for Information Technology, Saudi Aramco.

“We are exploring promising opportunities with this joint venture that will drive the transformative leap of the digital resilience and technological advancement of the Kingdom and the region,” added Dr. Saad Alaboodi, CEO of Saudi Information Technology Company.