The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
OIL, GAS, & PETROCHEMICALS
Saudi Aramco Acquires Stake in MidOcean Energy amid Efforts to Enter the Global LNG Business
Energy giant Saudi Aramco is on track to enter the global liquefied natural gas market following a new agreement. The leading intergraded energy and chemicals firm has agreed to acquire a strategic minority stake in MidOcean Energy for $500 million, according to a statement.
Saudi Aramco is a member of the Business Council.
PERMA-PIPE International Holdings, Inc. (Nasdaq: PPIH) announced the award of contracts with a combined value of $8.5 million in India and the Kingdom of Saudi Arabia. The contracts are for their XTRU-THERM® product. Both projects are scheduled to be delivered by the end of Q4 2023.
CONSTRUCTION & REAL ESTATE
Jacobs Awarded Design Consultant Contract for Global Logistics Hub in Saudi Arabia
Jacobs (NYSE:J) has been appointed by NEOM Company (NEOM) as the lead design consultant for the Port of NEOM redevelopment project in northwest Saudi Arabia.
Jacobs is a member of the Business Council.
INVESTMENT
Saudi Aramco’s Centure Capital Arm Leads $52 Million Round for U.S. Firm Mighty Buildings
Mighty Buildings, a 3D-printing construction technology firm, has raised $52 million in funding co-led by Saudi Aramco’s venture capital arm Wa’ed Ventures and by BOLD Capital Partners, a U.S.-based firm.
Saudi Aramco is a member of the Business Council.
LAW
King & Spalding has been granted a foreign law license by Saudi Arabia’s Ministry of Justice, paving the way to expand its work for clients in Saudi Arabia since establishing an affiliation in early 2007.
ICT
Rockwell Automation, Inc., the world’s largest company dedicated to industrial automation and digital transformation, today announced it is opening its Digital Center of Excellence in Al-Khobar, Saudi Arabia, strengthening its commitment to the Kingdom and developing the local economy and workforce.
