Time: September 18, 2018
The agreement was signed by Prof. Dr. Sahel N. Abduljauwad, acting rector of KFUPM, and chairman of the board of directors of Dhahran Techno Valley Company, and Sherif Foda, CEO and chairman of NESR, in the presence of senior management of Saudi Aramco led by Dr. Mohammed Y. Al-Qahtani, senior vice president for Upstream, Saudi Aramco and chairman of the DTVC Advisory Committee. The signing ceremony was held at the KFUPM’s headquarters in Dhahran.
Prof. Dr. Abduljauwad said: “We are very proud to have NESR join Dhahran Techno Valley and I am very pleased to see this level of investment from NESR to promote scientific research and local content in the energy sector in Saudi Arabia. I am confident that NESR will add significant value to Dhahran Techno Valley and the Saudi oil and gas industry with this investment and commitment.”
He added: “Dhahran Techno Valley brings together the largest number of national and international energy companies in one place and is now the largest of its kind in the world. Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030.”
Dr. Qahtani said: “We are very pleased to see NESR as the first company from this region investing at such a scale. I also believe that NESR’s approach to create an open platform for innovative technology companies to come to the Kingdom is a unique approach and will be beneficial to the Saudi oil and gas industry. I look forward to seeing the results of their efforts and wish them the best for the future.”
Sherif Foda said: “We are very excited to partner with Techno Valley and KFUPM. We strongly believe that with this investment, we are taking an important step to develop fit-for-purpose techniques and technologies for Saudi Arabia as well as the whole region.”