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.
TRANSPORTATION & SHIPPING
Boeing Saudi and Bahri Logistics team up for supply chain enhancement
The supply chain and distribution sectors within Saudi Arabia are poised for growth thanks to a new partnership between Boeing’s local subsidiary and Bahri Logistics.
The National Shipping Company of Saudi Arabia (Bahri) is a member of the Business Council.
United Rotorcraft To Partner in Establishing Saudi Helo MRO
Saudia Technic, one of Saudi Arabia’s leading aerospace companies, has partnered with United Rotorcraft to launch one of the region’s most comprehensive Part 145 helicopter MROs. The two companies held a formal signing ceremony on Tuesday at Heli-Expo 2024.
INVESTMENT
NEOM opens office in New York to Facilitate Investors
Saudi Arabia’s giga-project NEOM has opened its first office in New York City amid ongoing efforts to enhance cooperation with US-based investors and industry leaders.
NEOM is a member of the Business Council.
DEFENSE & SECURITY
Lockheed Martin Awards Contracts to Localize THAAD System Manufacturing in Saudi Arabia
Saudi Arabia is on track to localize the manufacturing of the Terminal High Altitude Area Defense system thanks to two new contracts awarded by Lockheed Martin.
Lockheed Martin Corporation is a member of the Business Council.
Fortem Technologies, the leader in airspace intelligence, security, and defense for detecting and defeating dangerous drones, today announced its partnership with INTRA Defense Technology, a Saudi company leading in development, design, and manufacturing of Autonomous Systems and Advance Technologies. Together, the companies will leverage their technology and expertise to engineer, manufacture, and market advanced solutions against UAS threats in Saudi Arabia.
SPACE
Saudi Space Agency and Leo Labs sign deal to strengthen cooperation in space surveillance
The Saudi Space Agency (SSA) signed a memorandum of understanding (MoU) today with LeoLabs to build a cooperative relationship in the field of space surveillance, exchange relevant expertise and knowledge, and explore future cooperation opportunities on the sidelines of the Space Debris Conference held in Riyadh.
OIL, GAS, & PETROCHEMICALS
PIF-Backed Dussur, Baker Hughes Open Chemicals and Industrial Materials Facility in Jubail
The Saudi Arabian Industrial Investments Co., known as Dussur, in collaboration with Baker Hughes, launched an oilfield services and industrial chemicals factory in Jubail on Sunday.
Lummus Announces Heater Supply Contract for Mega Petrochemical Project in Saudi Arabia
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced a contract award from Hyundai Engineering & Construction Co. Ltd. to provide eight proprietary Short Residence Time (SRT®) ethylene cracking heaters at SATORP’s Amiral petrochemical complex in the Kingdom of Saudi Arabia.
NOV Announces Opening of Regional Headquarters in Dammam, Saudi Arabia
NOV Inc. (NOV), a leading provider of technology and equipment for the global energy industry, announced the establishment of its regional headquarters in Dammam, Saudi Arabia. The regional headquarters further emphasizes NOV’s commitment to the region and to delivering exceptional products, services, and solutions to its valued customers in this vital market.
NOV Saudi Arabia Ltd. is a member of the Business Council.
Helmerich & Payne secures Saudi Aramco rig contract
Helmerich & Payne , Inc., a global drilling contractor, has finalized contracts with Saudi Aramco for the provision of seven high-performance drilling rigs, the company announced today. These rigs are slated to begin operations after delivery in the fourth quarter of 2024, with each rig carrying a five-year contract and an additional one-year option.
Helmerich & Payne Inc. is a member of the Business Council.
ICT
Solutions by stc, the leading enabler of digital transformation in Saudi Arabia and the region, announces an Open RAN agreement with Mavenir, the cloud-native network infrastructure provider building the future of networks, to launch the first commercial Open RAN network in Saudi Arabia.
POWER & WATER
Nextracker wins 1.17-GW order for Saudi Al Kahfah solar project
US solar tracker maker Nextracker Inc (NASDAQ:NXT) announced today that it has been contracted to equip a 1.17-GW installation at the Al Kahfah Solar Power Plant project in Saudi Arabia developed by local power and water company ACWA Power Co.
ENVIRONMENT
CarbonMeta Technologies Wins Sole Source Contract with Saudi Investment Recycling Company (SIRC)
CarbonMeta Technologies Inc. announced today that it has won an 850,000 SAR (220,000 USD) sole source contract with Saudi Investment Recycling Company (SIRC) to develop and commercialize a carbon-negative concrete made from industrial, construction demolition waste and mining waste, and thereby provide sustainable, eco-friendly products for strategic construction projects in the Kingdom of Saudi Arabia (KSA).
HVAC
Carrier to build factory and R&D facility in Saudi Arabia
Carrier is to build an advanced manufacturing and R&D facility in Saudi Arabia in a partnership with Alat, a new Riyadh-based public investment fund company.
