Riyadh – Mubasher: Saudi Aramco’s subsidiary, Saudi Aramco Development Company, signed an agreement with Cognite AS (Cognite) to establish a joint venture (JV) as part of their strategic digitalisation partnership.
The new company will focus on digitalisation in Saudi Arabia and the broader Middle East and North Africa (MENA) region. The JV is expected to be operational in 2021, following receipt of all required regulatory clearances, according to a press release on Monday.
Moreover, the JV will develop, distribute, and deploy end-to-end digital and advanced solutions for customers across industries, including oil and gas, power and utilities, and manufacturing and shipping.
The solutions will enable the digital transformation of companies through production and yield optimisation, predictive maintenance, workforce digitalisation, advanced safety measures, and a reduced environmental footprint of industrial operations.
Aramco Senior Vice-President of Technical Services, Ahmad Al Sa’adi, said, “The JV with Cognite aims to create advanced end-to-end digital software solutions in Saudi Arabia, which will maximise local content, contribute to GDP growth, create new jobs, accelerate digital talent development, and sustain Aramco’s resilience.”
President and CEO of Aker ASA and Chairman of Cognite’s board, Øyvind Eriksen, remarked, “We believe Aramco’s deep operational expertise, combined with Cognite’s track record of developing and deploying industrial software for digital frontrunners, will be a powerful catalyst for the commercial success of the joint venture and the advancement of digital transformation across heavy-asset industries.”
