An agreement to establish a global center for the development of scientific research in DTVC. Mount Uhud, outskirt of Madina, Saudi Arabia, has been signed by the National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR) (NASDAQ: NESRW a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, through its subsidiary, National Oil Technology Company.
The agreement was signed by Prof. Dr. Sahel N. Abduljauwad, Acting Rector of King Fahd University of Petroleum and Minerals, and Chairman of the Board of Directors of Dhahran Techno Valley Company, and Sherif Foda, CEO and Chairman of NESR, in the presence of senior management of Saudi Aramco led by Dr. Mohammed Y. Al-Qahtani, Senior Vice President for Upstream, Saudi Aramco and Chairman of the DTVC Advisory Committee.
The signing ceremony was held at the KFUPM’s headquarters in Dhahran, Saudi Arabia. Prof. Dr. Abduljauwad stated, “We are very proud to have NESR join Dhahran Techno Valley and I am very pleased to see this level of investment from NESR to promote scientific research and local content in the energy sector in Saudi Arabia. I am confident that NESR will add significant value to Dhahran Techno Valley and the Saudi oil and gas industry with this investment and commitment.”
Prof. Dr. Abduljauwad added, “Dhahran Techno Valley brings together the largest number of national and international energy companies in one place and is now the largest of its kind in the world. Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030.