Samsung Electronics and Saudi Aramco have signed a non-binding memorandum of understanding (MoU) to develop a strategic collaboration aimed at localizing an industrial 5G technology ecosystem in Saudi Arabia. The partnership will begin with private networks and aims to leverage advanced 4G and 5G technologies to contribute to the digital transformation of various industrial sectors in Saudi Arabia, including energy, petrochemical, and manufacturing. The partnership aims to help realize advanced industrial 5G use cases with mission-critical communications. This follows the launch of Aramco Digital Company at the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition in January. Aramco Digital seeks to accelerate digital transformation within Saudi Arabia and the entire MENA region. In addition, Aramco has signed over 100 agreements and MoUs worth $7.2bn to promote a diverse, sustainable, and globally competitive industrial ecosystem in Saudi Arabia, including a partnership with Zoom and a collaboration pact with Taulia.
Aramco is among the biggest listed companies in the kingdom that are spearheading several investments as part of the government’s broader strategy to expand their portfolios to generate revenue to finance its economic diversification agenda. With a market capitalization of SAR7.07tn as of March 23, 2023, Aramco is the second most valuable company after Apple.