Saudi Aramco shortlists firms for non-oil projects

aramco johnmcsporran flickrSaudi Arabia is embarking on its economic transformation under lowered oil prices. (Image source: John Mcsporran/Flickr)Oil giant Saudi Aramco has shortlisted four companies to help it manage non-oil construction projects, according to a news report

According to Bloomberg, Canada’s SNC-Lavalin, US-based Jacobs Engineering, Faithful & Gould, part of UK-headquartered Atkins, and Dar Al-Handasah Consultants Ltd., have been shortlisted for the new project management joint venture.

However, neither Saudi Aramco nor the companies commented on the report.

Saudi Arabia plans to transform Saudi Aramco from an oil and gas company into an industrial conglomerate to prepare the kingdom’s economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman had told Bloomberg beginning this year.

The plan also includes selling a stake in the company and transforming its ownership to the kingdom’s sovereign wealth fund.

Saudi Aramco is already a major property developer, having managed the building of King Abdullah Sports City in Jeddah and King Abdullah University of Science & Technology (KAUST) on the Red Sea.

Citing three sources, Bloomberg said Saudi Aramco plans to set up the project management joint venture in early 2017. The project management company is expected to employ around 6,000 people over a decade, at least 50 per cent of them will be Saudi Arabian nationals.

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