Vision 2030: Identifying New Opportunities
May 23, 2017
Yet for The Kingdom of Saudi Arabia, standing still is far from the agenda. Under the leadership of King Salman bin Abdulaziz Al Saud, Saudi Arabia has set a series of highly ambitious goals that will help the country diversify its industrial capabilities and exports, reduce its dependence on imported technology, increase efficiency across energy -- including an emerging renewables sector, create smart cities for a rapidly growing population, and open new skilled career opportunities for many.
These are just some of the objectives under Saudi Arabia's Vision 2030 &endash; a long-term strategy for the future of the Kingdom that sets the tone for the inaugural Saudi-US CEO Forum, which took place recently in Riyadh.
The Forum, which brought together leading figures from US business and the top executives from Saudi Arabia's biggest industrial companies, was the stage for a series of business engagements, collaborative agreements, and contracts between US and Saudi companies.
Honeywell president and CEO Darius Adamczyk attended to meet the leadership of Saudi Aramco &endash; the Kingdom's state-owned oil company and producer of one in every eight barrels of the world's oil supply.
During the meeting Adamczyk signed two Memorandums of Understanding (MOU) with Saudi Aramco's president and CEO Amin H. Nasser that provide a new framework of collaboration between the two companies under the Vision 2030 strategy.
(L-R) Honeywell president and CEO Darius Adamczyk, and Saudi Aramco president and CEO Amin Nasser sign agreements at the Saudi US-CEO Forum in Riyadh, in the company of Honeywell Saudi Arabia president Mohamed Al Mousa and Saudi Aramco senior leadership.
The first of these two agreements will see both companies work together to implement Honeywell's portfolio of connected processing technologies &endash; including Honeywell Connected Plant (HCP) &endash; across Aramco's operations. These Industrial Internet of Things (IIoT)-based systems will enable Aramco to improve productivity and efficiency across its production by digitizing a greater part of its operation, enabling it to extract more value from each barrel.
The second agreement will support Aramco's In-Kingdom Total Value Add (IKTVA) program &endash; the company's strategy for improving efficiency and increasing localization of its supply chain. Honeywell and Aramco will work to identify new opportunities for localized manufacturing and engineering. The two agreements are expected to create more than 400 new jobs.
The latest MOU agreements are an important milestone in a partnership that dates back to 1948 &endash; only four years after the then relatively new company became known as the Arabian American Oil Company, or Aramco for short. It was in this year that Aramco bought its first Honeywell thermostats and, since then, the companies have collaborated on numerous technological advancements to improve the performance and efficiency of Saudi Arabia's oil production.
While Honeywell's history in Saudi Arabia has been successful, with its growing portfolio of software and connected technologies, the best is certainly yet to come.