State-owned Saudi Aramco has invested up to SAR 6 million in a strategic partnership with Smart Control Co. (SCC), a start-up firm of Badir Program for Technology Incubators, the Saudi Press Agency (SPA) reported on Wednesday.
The move comes as part of the oil giant’s strategy to enhance local content through partnership between the private sector and entrepreneurs.
Under the deal, SCC was valued at SAR 24 million.
The company develops low-cost smart systems to control electric devices using a facility’s power network.
The Badir scheme is a program of King Abdulaziz City for Science and Technology (KACST), which aims to boost local content in line with the Kingdom’s National Transformation Plan 2020.
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