Saudi Aramco is taking advantage of accelerated technology to increase its reliability in the market and lower carbon emissions.
Employing data analytics and simulation models to manage reservoirs has helped the company reach a 70% recovery rate, all due to technology, according to Amin Nasser, Saudi Aramco’s president and CEO. “Our reliability for 2020 is 99.8%, one of the highest in the world in terms of delivery,” he explained to delegates during the fourth edition of the Future Investment Initiative (FII) forum in Riyadh.
Saudi Arabia’s “agility and execution speed” to invest in technology has given the kingdom the most significant digital investment in the MENA region, worth a billion dollars, the Saudi Minister of Communications and Information Technology, Eng. Abdullah Amer Al-Swaha, stated during a panel discussion, entitled ‘Cracking the Code: What is the future of global technology policy?’
The minister also announced a partnership with Babylon Health to apply data and artificial intelligence (AI) to reduce health consultations’ cost to a dollar when delivered by a machine.
Saudi Finance Minister Mohammed Al-Jadaan urged investors to consider the vast industries within the kingdom that offer abundant investment opportunities through privatisation, even throughout challenging times such as those resulting from the Covid-19 pandemic.
With the continuing restructuring of laws and regulations, the kingdom has worked hard to ramp up investment and provide additional business opportunities, while being transparent with its partners, the minister added.
“In addition to all of this, we’ve reformed the capital market both on the equity side and debt side, the latter market has grown up to 200% during 2020, and we’re likely to see further growth,” he concluded.