ARKAD and Bilfinger Sign a Strategic Cooperation Agreement to Accelerate Growth and Drive Localization in the Kingdom of Saudi Arabia
MANNHEIM, Germany, November 27, 2018 /PRNewswire/ --
- Agreement to drive localization of engineered solutions and technologies in line withVison 2030
- Strategic Cooperation to enhance both companies market reach and provide localized value-adding solutions and services to the Kingdom's Oil and gas, petrochemical and energy sectors
ARKAD, the leading Saudi engineering and integrated projects company and Bilfinger, the engineering and industrial solutions powerhouse have signed a Memorandum of Understanding to establish a Strategic Cooperation that would position both Companies to accelerate growth in the Kingdom of Saudi Arabia and the region.
(Photo: https://mma.prnewswire.com/media/790082/Bilfinger_Ali_Vezvaei.jpg )
The Agreement, in harmony with the Vision 2030, paves the way to harness the opportunities in the Oil & Gas, Chemical, Petrochemical, Nuclear and Renewable Energy Sectors with advanced solutions and services, while aiming at developing the local value chain and creating employment opportunities for Saudi workforce. The Cooperation addresses strategic elements such as Engineering Technology, innovative Asset Life Cycle Solutions, in-kingdom Fabrication & Modularization and Environmental solutions.
"The Partnership is a strong strategic fit, leveraging the two leading companies' portfolio of solutions and services, while uniting us around the joint commitment to support the Kingdom's vision 2030. We will together focus on delivering value to our customers by localizing advanced solutions, productivity and efficiency that will create unparalleled value-add for the Kingdom's massive industrial sector," Ali Vezvaei, President & CEO of Bilfinger Middle East commented.
Hani Abdulhadi, Member of Management Board of ARKAD, commented: "Today we are pleased to establish such a partnership with a leading company like Bilfinger. WE strongly believe that our local knowledge, capabilities and skilled resources coupled with the strong technical know-how and pioneering solutions of Bilfinger enable us to provide the market with cutting edge services and solutions and boost local content and employment opportunities, in line with vision 2030."
Arkad is a fully integrated EPC contractor offering innovative solutions to the hydrocarbon and energy sector across the Kingdom of Saudi Arabia (KSA). Headquartered in Al Khobar, KSA, Arkad has grown significantly over the last decade, with around 9,000 full- time staff and a substantial asset portfolio and world-class competencies in EPC in KSA and within the region. Built on technical expertise and an entrepreneurial spirit, Arkad is also committed to developing and investing in local skills and talent as part of its drive to build world-class energy capabilities.
For further information on Arkad E&C, please visit http://www.arkad.com.
Bilfinger is a leading international industrial services provider. The Group enhances the efficiency of assets, ensures a high level of availability and reduces maintenance costs. The portfolio covers the entire value chain from consulting, engineering, manufacturing, assembly, maintenance, plant expansion as well as turnarounds and also includes environmental technologies and digital applications.
The company delivers its services in two business segments: Engineering and Technologies and Maintenance, Modifications & Operations. Bilfinger is primarily active in the regions Continental Europe, Northwest Europe, North America and the Middle East. Process industry customers come from sectors that include chemicals & petrochem, energy & utilities, oil & gas, pharma & biopharma, metallurgy and cement. W ith its 36,000 employees, Bilfinger upholds the highest standards of safety and quality and generated revenue of €4.044 billion in financial year 2017.