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Saudi Aramco to launch new Corporate Development organisation

Industry

Saudi Aramo has announced the establishment of an integrated Corporate Development organisation led by senior vice-president Abdulaziz M. Al-Gudaimi, formerly head of downstream development

“Corporate Development is mandated to create value, assess existing assets and secure greater access to growth markets and technologies through portfolio optimisation and strategic alignment,” Saudi Aramco said in a press statement. It added that the creation of the new organisation, which will become operational on 13 September, constitutes a refinement of Saudi Aramco’s existing corporate development model and does not represent a fundamental organisational change.

The organisation will support rapid and effective decision-making on the company’s portfolio and corporate development activities, with the goal of strengthening the company’s resilience, agility and ability to respond to changing market dynamics. 

Commenting on the announcement, Saudi Aramco president & CEO Amin H. Nasser said,

“We continue to leverage our capabilities in assessing our existing portfolio, identifying new opportunities and adapting to a rapidly evolving global landscape. The Corporate Development organisation will focus on growth opportunities as we further sharpen and strengthen our strategic focus to optimise our portfolio and, in doing so, maximise value for our shareholders. It will also enhance our abilities to harness robust processes to efficiently and effectively execute our business development strategy, as well as increase our agility and ability to adapt to changing market dynamics.”

 

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