Business Development Forums & Expo (BDFEX) 2019, the inaugural downstream and local content oil and gas and petrochemical industry forum, ended on a successful note with the signing of five MoUs with Saudi corporations.
As per the contracts, these Saudi entities will launch several projects in GCC, particularly in Bahrain.
During the event, United Gulf Industrial Consortia (Ugicon) Saudi Arabia signed a partnership agreement with Epsco, an environmental and petroleum services company, aimed at forming an environmental studies and services in the GCC, said the organisers.
Ugicon has also signed a MoU with Misrab aimed at developing a chemical used in coating NPG Neopentyl Glycol Industries and automotive spare parts, they stated.
Furthermore, Ugicon has also signed agreements with Alrefai & Aldahsh company aimed at providing legal consultations for projects to be implemented in GCC; Amalie motor oil company aimed at purchasing electric buses made in GCC; and with AMS for financial investment aimed at providing feasibility studies and financial consultations, it added.
Abdulla Al Subyani, BDFEX general secretary, confirmed that these agreements indeed met the forum’s objective of attracting international and regional corporations, SMEs, investors and entrepreneurs to explore new business opportunities.
Alsubyani noted that BDFEX convened representatives of VGKSA and gathered investors from Saudi Arabia and the GCC to explore investments opportunities.
Akil Alhalil, representative of Ugicon, said: “The forum has been able to shed the light on investment opportunities in the oil and gas and petrochemical industry available in the region.”
“We have taken a big step towards achieving our goal of providing a platform for corporations participating in the forum to find new partners, find new technologies, expand their network of suppliers and buyers, find new potential contracts from corporations, understand investment outlook in the region, meet industrial entrepreneurs and growth SMEs, and gauging business interest in entrepreneurs’ ventures by corporations,” he added.
It was jointly organised by Proact International Consultancy, Bahrain, and United Gulf Industrial Consortia for Investment Management and Consultation, Jubail, Saudi Arabia.