Saudi Aramco and SITC form joint venture to invest in enterprises
One of the most important elements to furthering a country’s economy and help its people is that the government and business sectors do not work in silos. When that happens, there is very little interaction between the two, often leading to miscommunications in understand each other’s viewpoints and incentives. Hence, it is vital for a country to have a healthy and professional relationship between its public and private sectors, to ultimately enhance the economy and improve the quality of life for its citizens.
Recently, Saudi Aramco, the largest oil company in the world, signed an agreement with Saudi Information Technology Company (SITC) to set up a new joint venture that will invest in commercial enterprises in the information, communication and technology sectors across the Kingdom. The joint venture is a new company that is formed with both Saudi Aramco and SITC as parent companies, both of which have a stake in the newly formed company.
As part of the joint venture, a platform to invest in high-potential growth companies in the three sectors that have strategic importance to Saudi Arabia, will also be developed. Learn more about the partnership and joint venture here.