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.
NESR Secures Wireline Platform Contract in Saudi Arabia
National Energy Services Reunited Corp (NESR) has been awarded a nine-year, wireline services platform contract in Saudi Arabia, the company announced on Tuesday. Within the expanded scope of the contract, NESR will provide advanced cased-hole and perforation services, in addition to the broad suite of services currently performed.
American Exploration Firm Ivanhoe Electric to Help Kingdom Explore Harsher Terrains
American technology and mineral exploration firm Ivanhoe Electric aims to help Saudi Arabia look deeper into the Earth’s surface to extract mineral deposits, according to the company’s founder. The American firm formed a joint venture with Saudi Arabian Mining Co., also known as Ma’aden, to explore and develop mining projects in the Kingdom.
Celularity Inc., a U.S.-based biotechnology company developing placental-derived allogenic cell therapies and biomaterial products, and CH Trading Group LLC, an international import, export, and trading company, today announced that they have entered into an exclusive distribution agreement with the Tamer Group. The Tamer Group will be the exclusive distributor for Celularity’s branded regenerative biomaterial products in Saudi Arabia.
A Saudi-U.S. Partnership to Develop Clean and Nuclear Energy
The governments of Saudi Arabia and the United States intend to enhance cooperation between the two countries, in accordance with their respective national laws, through the Partnership Framework for Clean Energy Development. The cooperation includes the exchange of experiences in the development of advanced reactor technologies, safe and proper disposal of nuclear waste, medical and agricultural applications, and uranium mining and processing.
Saudi Aramco’s global trading arm has bought U.S. firm Motiva Trading as it seeks to expand its footprint across North and South America. As well as acquiring 100 per cent of the firm, Aramco Trading Co. has also launched a Texas-based subsidiary – Aramco Trading Americas. The new entity will be the sole supplier and ‘offtaker’ of Motiva Enterprises, the owner of North America’s largest oil refinery with a crude capacity of 630,000 barrels a day of consumer and commercial grade fuels and base oils.
U.S. Venture Capital Firm Launches Riyadh-Based Accelerator Program
Techstars, a U.S. venture capital firm, announced a new partnership to continue the Techstars Riyadh Accelerator in collaboration with the Saudi Ministry of Communications and Information Technology, Raed Ventures and the National Bank of Saudi Arabia. The accelerator focuses on startups in the Middle East and North Africa that are establishing and growing their businesses, with the goal of paving the way for future innovation in the region’s digital economy.
Emerson to Build New Manufacturing Hub in Saudi Arabia
The global technology, software and engineering powerhouse, Emerson, will build a state-of-the-art innovation and manufacturing hub at the King Salman Energy Park (SPARK) in Saudi Arabia, further expanding Emerson’s local capabilities. The facility will be one of the largest investments in the Middle East and Africa region for the company.
PIF-Owned SEVEN Acquires AMC’s Cinema Chain in Saudi Arabia
Saudi Entertainment Ventures has taken over U.S.-headquartered AMC Entertainment Holdings’ 85 cinema screens in the Kingdom after buying 100 percent of the firm’s stake in the country. As part of the deal, the Saudi-based company, known as SEVEN and a wholly owned subsidiary of the Public Investment Fund, will keep the brand name of AMC Cinemas – which in 2018 became the first cinema operator in the Kingdom.
