Dammam – Alfanar signed a memorandum of understanding (MoU) with the Korean company, Daewoo Engineering & Construction, during Saudi Aramco’s iktva 2023 Forum & Exhibition that is currently being held at Dhahran Expo Center under the patronage of HRH Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province.
The $1.5 billion agreement signed by Eng. Amer Al Ajmi, Executive Vice President of Alfanar, and Sungmin Yang, Senior Vice President of Daewoo E&C, is aimed towards joint cooperation in future projects for the oil, gas, and petrochemicals sectors. As a leading Saudi company, Alfanar contributes heavily towards developing local content and achieving sustainability in these sectors. Through this agreement, Alfanar will work on transferring and localizing expertise in the engineering construction field, and exchanging the expertise of advanced technologies used in design, procurement, and project execution for the oil, gas, and petrochemicals sectors.
In this seventh edition of iktva, Alfanar, as a platinum sponsor, is also showcasing its manufacturing, engineering construction, and project development capabilities at the ‘Sustainability Pavilion’.
On the occasion, Eng. Amer Al Ajmi stated, “Alfanar is one of the leading Saudi companies that is contributing to supporting local content through its national investments which are raising the rate of localization in Saudi Arabia. These investments play a key role in advancing economic development by increasing the number of national products in many fields, and by creating quality jobs. In addition to what Alfanar has already achieved in local manufacturing of industrial products, technology transfer, and acquisition of international technologies; we are also working towards introducing new industries that did not exist previously in Saudi Arabia, besides what Alfanar currently has, to support the Saudi Vision 2030 by possessing full intellectual property rights.”