As a global energy supplier, Saudi Aramco’s business has a significant macroeconomic impact, which affects the growth and direction of the Kingdom’s economy.
To address these challenges, the Kingdom’s chief priorities are to stimulate economic growth and diversification by promoting local production of goods and services, supporting local manufacturers to create jobs for Saudi nationals and ensuring the Kingdom’s young people are equipped with skills that will allow them to participate in the growth of the economy.
In 2011, 274 entrepreneurs trained through Wa’ed, our entrepreneur development initiative. A total of 709 Saudi nationals were hired and some 90 percent of material procurement needs and 75 percent of service procurement needs met by local suppliers.
To put our commitment in context, around $23.1 billion in material and service procurement spending was awarded to local businesses.
Helping new business succeed
We’re involved in a number of programs that help to support entrepreneurs and empower individuals.
Our commitments for 2012 and beyond include:
- Funding 20 entrepreneurial ventures that have completed the Wa’ed program.
- Fully launching Saudi Aramco Energy Ventures (SAEV), a wholly owned subsidiary of Saudi Aramco.
- Establishing a project incubator at the King Fahd University of Petroleum and Minerals.
- Meeting 82 percent of our services procurement needs and 94 percent of our materials procurement needs through local companies by the end of 2012.
- Meeting 30 percent of our material procurement needs through goods manufactured within the Kingdom by the end of 2012 and 70 percent by 2020.
- Striving for a Saudization rate in our contractor workforce of 40 percent in the services sector and 18 percent in the construction sector by end of 2012.
- Helping to develop Dhahran Techno-Valley (DTV), a major undertaking initiated by King Fahd University of Petroleum and Minerals in 2006
In 2011, Saudi Aramco’s corporate patent portfolio grew by 24 percent. Contributing to this achievement were the filing of 208 patent applications at international patent offices and 31 patents granted by the U.S. Patent and Trademark Office.
We aim to continue our upward trajectory of innovating for the future, focusing even more intently on the value, not quantity, of the inventions being patented.