Saudi Aramco signs MoU to develop cities, empower local communities

Saudi Aramco has signed a memorandum of understanding (MoU) with Saudi Industrial Property Authority (Modon) to enhance a joint collaboration in developing industrial cities in the kingdom, the Saudi Press Agency said.

The deal will enable the top oil exporter and the property authority to establish development projects and encourage women employment, in adherence with the Kingdom’s Vision 2030 and the National Transformation Program 2020.

The deal was signed by Aramco Vice President Nasser Al Nafisi and Modon General Manager Khalid Al Salem.

Aramco said in a statement issued on Monday the preliminary deal will allow both parties to enhance the economies of promising cities in the kingdom by utilizing their natural resources.

The deal also includes localizing industries through launching high-quality development projects that are aimed at boosting the Saudi gross domestic product (GDP). Along with providing job opportunities and developing suitable business environments for women, individuals with disabilities and the low-waged.

It also stipulates that Aramco can conduct feasibility studies, plan projects, assess suitable partners, and submit project designs.

While Modon will provide sites for the proposed projects in its industrial cities, provide the necessary incentives and tackle any potential work-related obstacles.