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
Chevron Lummus Global (CLG), a leading process technology licensor for refining hydroprocessing technologies and alternative source fuels, has announced that it has been awarded a key contract by Saudi energy group Taqat Development for a new 75,000 tonnes per annum (TPA) needle coke/synthetic graphite complex in Rabigh.
Chevron is a member of the USSBC.
Lummus Technology (Houston) announced that Alujain National Industrial Co. has selected its C3 CATOFIN propane dehydrogenation (PDH) technology for their new propylene plant in Yanbu, Saudi Arabia. This is the first time Alujain will license Lummus’ PDH technology at its Yanbu complex.
Transportation & Logistics
Amazon’s Saudi unit has doubled its storage capacity with the launch of a new fulfillment center in Riyadh, spanning 390,000 square feet across five floors. The center will have a storage capacity of 2.7 million cubic feet, and will be able to store over 9 million products, enabling Amazon to offer customers a wider selection of products across electronics, appliances, groceries, fashion, books, and more.
Amazon is a member of the USSBC.
Saudi Arabian Mining Co., also known as Ma’aden, finalized a deal to purchase 9.9 percent shares of American mining technology company Ivanhoe Electric Inc. for $126.5 million and form a 50-50 joint venture to undertake one of the largest exploration projects ever. The joint venture will deploy $66 million of the $126.5 million to fund the exploration activities of at least 48,500 sq. km in area and purchase three new-generation Typhoon machines.
Ma’aden is a member of the USSBC.
The National Additive Manufacturing Innovation (NAMI), a private joint venture between 3D Systems and Dussur, has announced its presence as a service bureau in the additive manufacturing world, leveraging cutting-edge technology to provide unparalleled services to its clients. NAMI was established as part of the Kingdom’s 2030 Vision strategic plan under the National Industrial Development and Logistics Program pillar.
U.S.-based software company Nintex is planning to open its first regional office in Saudi Arabia, supporting Vision 2030’s path toward digital transformation. The company’s base in the Kingdom will also expand and support its operations in the area by employing locals, according to a press release. Nintex works in the automation and intelligence processing spheres, and its presence in Saudi Arabia means it will be able to better serve its current Upper Gulf customer base and approach potential clients.
UL Solutions, a global leader in applied safety science, announced that it opened a new office in Riyadh to serve customers in Saudi Arabia and throughout the Middle East. From this location, UL Solutions will deliver fire safety, security and sustainability services for customers by providing access to proven science, testing and critical data and software products.
Saudi Arabia’s sovereign wealth fund has increased its stake in Electronic Arts, building upon its massive $38 billion already invested in the video game industry. The Kingdom’s Public Investment Fund (PIF) has increased its shares in Electronic Arts by 55 percent, going from owning 16.01 million shares to now 24.81 million shares, according to a financial filing observed by Seeking Alpha.
Defense & Security
MBDA Inc, the U.S.-based subsidiary of the European missile manufacturer, has been awarded a $19,626,194 contract to produce Common Anti-Air Module (CAMM) missiles for the Multi-Mission Surface Combatants (MMSC) ships.
Food & Agriculture
Arby’s, one of the largest restaurant chains in the United States, announced today the opening of its first restaurant in Riyadh on Monday, May 1, featuring a menu that mixes U.S. favorites with local offerings that will resonate with Saudi customers. Arby’s has partnered with Shahia Foods Limited Company, an operator of over 700 Dunkin’ locations across Saudi Arabia and internationally, to bring its franchises to the Kingdom.
Tourism & Entertainment
XP Music Futures, one of the flagship events of MDLBeast, and YouTube have partnered to support Saudi Arabia’s music industry and emerging artists from the Middle East. The partnership will see YouTube sponsor the XPERFORM initiative, which aims to discover and nurture emerging musical talent in the Middle East. YouTube will also run a bootcamp to help artists reach a wider audience using YouTube’s multiple formats.
Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the PIF, has signed a second licensed agreement with Hasbro, Inc. a global branded entertainment leader. Under the agreement, SEVEN will bring the Transformers brand to its entertainment destinations in the Kingdom of Saudi Arabia. The agreement follows an earlier announcement of a licensed agreement between the two parties for the world’s first PLAY-DOH attractions.