Saudi Aramco, the world’s biggest oil-producing company, said on Tuesday it signed 15 preliminary agreements worth $34 billion with leading energy and oil services companies at the Future Investment Initiative forum.
They were signed with 14 companies, including Total, Hyundai Heavy Industries, Acwa Power, Sumitomo Norinco New Energy, Baker Hughes, Schlumberger and Halliburton.
"The [deals] reflect both Saudi Aramco’s and the kingdom’s international partnership strategies and the determination to diversify the economy, enhance the domestic investment environment and boost employment opportunities," Aramco said.
"They support Saudi Aramco’s forward-looking strategy across business units, including downstream, offshore and engineering."
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The company did not provide specific values of each of the agreements signed at the FII taking place in Riyadh. Some deals were previously agreed upon.
They will boost the company's In-Kingdom Total Value Add programme, which aims for the localisation of 70 per cent supplied goods and services by 2021.
“Davos in the Desert”, as the event is called, has more than 150 speakers from 140 different organisations and 17 global partner entities.
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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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