Saudi Aramco signed an enterprise procurement agreement worth US $11 billion to promote the development of Saudi Arabia's manufacturing industry. The world's largest crude oil exporter signed agreements with 51 local and global manufacturers, and said this move could create 5000 jobs in Saudi Arabia in the next decade, while supporting Saudi Aramco's strong supply chain.

Baker Hughes, Cameron Al Rushaid, Halliburton, Schlumberger and TechnipFMC are among the companies that signed the CPA. These agreements cover strategic commodities such as drilling chemicals, wellhead, switchgear and vibration monitoring systems.

Our significant investment in a successful local supplier network has enhanced Saudi Aramco's resilience and ensured that we remain the most reliable energy company in the world, Ahmad Al Sa'adi, senior vice president of Saudi Aramco's technical services, said in a statement. We have also established business ecosystems worldwide through cooperation with some of the world's top energy, logistics and manufacturing companies.

The plan aims to promote domestic value creation, maximize long-term economic growth and diversification, and establish a world-class supply chain for the Kingdom to develop a globally competitive energy sector.

Saudi Aramco said that IKTVA contributed more than US $130 billion to Saudi Arabia's GDP and created more than 100000 supply chain jobs for Saudi nationals. CPA holders will become our strategic manufacturing partners for these commodities in the future. These agreements further expand our localization infrastructure in the Saudi Aramco network, said Mohammad Al Shammary, vice president of procurement and supply chain management of Saudi Aramco.

The Gulf countries have been implementing plans to shift more government spending to domestic areas to support the local economy. The domestic value plan of the United Arab Emirates aims to promote the growth of domestic industries by transferring half of the government's spending on procurement and bidding contracts to the national economy by 2031. In 2021, Emirates will transfer more than 11.27 billion dollars of expenditure to the national economy.Editor/Xing Wentao