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Nasdaq-listed Honeywell confirmed that it signed a memorandum of understanding (MoU) with Saudi Aramco to explore the commercialization of next-generation digital technology solutions designed to improve productivity, sustainability, and operational excellence of industrial firms on a global scale.
The fully digital technology will leverage Aramco’s plant, digital system as well as technical and domain knowledge in end-to-end plant operations, along with Honeywell’s global software development and commercialization expertise.
The technology will be brought to market through a joint venture (JV) between the two companies that will also serve as a software system integrator to reduce time-to-value for customers.
In addition, the next-generation technology will provide industrial companies with the tools, processes and practices they need to run plant operations more effectively. It will also accelerate sustainable digital transformation and operational excellence initiatives across industries.
This dynamic entity will emphasize on the development and deployment of operations technology (OT) solutions and digital transformation consulting.
This JV is expected to create more than 500 jobs in Saudi Arabia within five years of its launch, supporting the country’s In-Kingdom Total Value Add (IKTVA) Program, designed by Aramco to boost Saudi economic and workforce development.
On Sept. 7, Aramco announced a major expansion of its industrial investment program, “Aramco Namaat”, with the signing of 22 new memoranda of understanding (MoUs) and one JV agreement, according to data compiled by Argaam.
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