SNC-Lavalin, Jacobs and others shortlisted for new Aramco project management unit

Saudi oil giant Aramco is reported to have shortlisted four companies to help it manage non-oil construction projects.

Canada’s SNC-Lavalin, US-based Jacobs Engineering, Faithful & Gould, part of UK-headquartered Atkins, and Dar Al-Handasah Consultants Ltd., have been shortlisted for the new project management joint venture, reports Bloomberg.

Neither Aramco nor the companies would comment on the report.

Saudi Arabia plans to transform Aramco from an oil and gas company into an industrial conglomerate to prepare the kingdom’s economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman told Bloomberg in March.

The plan also includes selling a stake in the company and transforming its ownership to the kingdom’s sovereign wealth fund.

Aramco is already a major property developer in its own right, having managed the building of King Abdullah Sports City in Jeddah and King Abdullah University of Science & Technology, known as KAUST, on the Red Sea.

Citing three sources, Bloomberg says Aramco plans to set up the project management joint venture in early 2017.

Two sources said the project management company is expected to employ around 6,000 people over a decade. At least 50% of them must be Saudi nationals.

Image: Artist’s render of King Abdullah University of Science & Technology, whose construction was managed by Aramco (KAUST)

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