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A cloud storage company, an iron sheet manufacturer, and a logistics management center are among the firms being established by Saudi Arabian Oil Co.’s Industrial Investments Program, Namaat. The initiative, launched by the oil giant in 2021, is helping to launch 31 local and international companies with an estimated total value of SR92 billion ($24.53 billion), it has been announced. The latest developments come a year on from Namaat, revealing it had reached 55 investments, and in 2021 it announced it had signed 22 memorandums of understanding to drive forward the initiative.

Aramco’s Namaat program to launch companies worth $25bn

A cloud storage company, an iron sheet manufacturer, and a logistics management center are among the firms being established by Saudi Arabian Oil Co.’s Industrial Investments Program, Namaat. The initiative, launched by the oil giant in 2021, is helping to launch 31 local and international companies with an estimated total value of SR92 billion ($24.53 billion), it has been announced. The latest developments come a year on from Namaat, revealing it had reached 55 investments, and in 2021 it announced it had signed 22 memorandums of understanding to drive forward the initiative.

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