Local Partner Ventures offer key to success in Saudi US$216 billion energy projects

HFI is delighted to introduce the Q2 update of our SAVI - Saudi Arabia Ventures Initiative eGuidebook, launched in the week of MEPEC (Middle East Process Engineering Conference and Exhibition) 2024 in Dhahran – the region’s focal point for process engineering technology and know-how. 

Please click here for the interactive flipbook and please click here for the static PDF.

2024 has not been plain sailing so far for the Kingdom with a US$3bn budget deficit in Q1, the pullback from plans to increase oil production capacity from 12 mbpd to 13 mbpd, the planned sale of US$20bn of additional aramco shares and the curtailment of The Line future city plans.

However, KSA remains one of the most prospective global energy markets in the period to 2030 with US$216bn of energy projects being tracked by the Energy Industries Council Datastream.

The petroleum sector has US$131bn of projects on file, dominated by Aramco’s upstream and midstream capex projects and downstream JVs investments.

The power and transmission & distribution sector has US$40bn of projects being tracked, dominated by Saudi Electricity Company (SEC). The power sector is closely linked to the massive desalination investment programme dominated by Saline Water Conversion Corporation (SWCC).

The energy transition sector is powering ahead with US$44bn of projects, dominated by ACWA Power’s renewables projects, NEOM’s green hydrogen focus and Aramco’s CCUS plans. Nuclear power may also be on the horizon.

Q2 will see KSA host the Society of Petroleum Engineers International Well Integrity Management Symposium which focuses on well technology and know-how developments and also with dedicated sessions on CCUS and geothermal.

We remain convinced that effective Local Partner Ventures (LPVs) are the key to successful ventures in the Kingdom and establishing, restructuring and exiting LPVs in Saudi as long been a hallmark of HFI’s specialist expertise and experience. HFI’s Establishing, Restructuring and Exiting Local Partner Ventures in the MENA Region here as an interactive flipbook and here as a static PDF.

We are privileged to work with our local law network partner Dr Bader AlBusaiyes on these ventures, and 2024 marks 5 years of our collaboration arrangements.

We hope this SAVI eGuidebook will be of interest to our clients and connections, and as always, we would be delighted to discuss and support your Saudi and wider MENA ventures.