Dhahran, Saudi Arabia–Aramco has signed a non-binding memorandum of understanding with Samsung Electronics to localize industrial 5G communication networks and facilitate the digital transformation of Saudi Arabia.
According to a statement, both the companies will work together to contribute to the digital transformation of various industrial sectors in the Kingdom which includes energy, petrochemical, and manufacturing.
Aramco, with the help of Samsung Electronics, will leverage advanced 4G and 5G technologies to provide secure, fast, and reliable communication means to meet the critical requirements of businesses operating in various industries.
The new MoU was signed by Aramco, just two months after it launched a new digital firm during the In-Kingdom Total Value Add Forum, also known as iktva.
“We are planning to invest $1.9 billion over the next three years, making it the biggest Aramco investment in digital to date, while adding value to the kingdom’s digital ecosystem,” said Amin Nasser, Aramco’s president, and CEO following the launch.
A report by the UN in March said that Saudi Arabia is ranked fourth globally in its level of preparedness in digital systems on the back of its sturdy regulatory framework.
According to the report published by the International Telecommunication Union, a UN agency that deals with information and communication technologies, the kingdom also ranked second in digital system preparedness among the G20 members.