NOV Announces Opening of Regional Headquarters in Dammam, Saudi Arabia

Rhea-AI Summary

NOV Inc. establishes regional headquarters in Dammam, Saudi Arabia, emphasizing commitment to the region. The facility aims to enhance operational efficiency and strengthen market position by fostering collaboration with regional stakeholders. The ceremony highlighted collaborative efforts between NOV and the Ministry of Investment, focusing on driving economic growth and innovation in the energy sector.

DAMMAM, Saudi Arabia--(BUSINESS WIRE)-- NOV Inc. (NOV), a leading provider of technology and equipment for the global energy industry, announced the establishment of its regional headquarters in Dammam, Saudi Arabia. The regional headquarters further emphasizes NOV's commitment to the region and to delivering exceptional products, services, and solutions to its valued customers in this vital market.

Clay Williams, Chairman, President and Chief Executive Officer of NOV and His Excellency Khalid A. Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia (Photo: Business Wire)

Situated at the prestigious Dammam Asharqia Chamber Tower, the facility will serve as a pivotal hub for NOV's operations in the Middle East and will house a talented team of executive leadership, engineers, and professionals’ functions. By consolidating these crucial functions in Dammam, NOV aims to enhance operational efficiency, foster closer collaboration with regional stakeholders, and further strengthen its market position.

To commemorate the establishment of NOV’s regional headquarters, a special ceremony was hosted by Excellency Khalid Al-Falih, the Minster of Investment and attended by Mr. Clay Williams, Chairman, President and Chief Executive Officer of NOV. The event, held in Riyadh highlighted the collaborative efforts between NOV and the Ministry of Investment, underscoring a shared vision for driving economic growth, fostering innovation, and cultivating a thriving energy ecosystem in the region.

“The decision by NOV to set up a regional headquarters in Saudi Arabia is testament to the world-class infrastructure and human capital in the Kingdom and its role as a leading international energy hub. The contributions made through the regional headquarters program are instrumental in bolstering Saudi Arabia’s role as a catalyst in economic development across the Gulf and the broader Middle East,” stated HE Khalid Al-Falih, Minister of Investment.

"Eastern Province is an ideal location for NOV's regional headquarters due to its strategic positioning within MENA, its substantial presence in Oil and Gas operations, and its thriving business environment," remarked Clay Williams, Chairman, President and Chief Executive Officer of NOV. "This will assist us in better serving our customers, enhancing our responsiveness, and fortifying our market standing in this critical region."

"We are enthusiastic about the opportunities our regional headquarters in Dammam brings," expressed Dr. Adel Badghaish, NOV's Saudi President and Managing Director for the Middle East. "This investment underscores our long-term commitment to the region and our dedication to providing exceptional products and services to our customers. We eagerly anticipate collaborating closely with our partners and customers in the MENA region to drive innovation and deliver value-added solutions."

With its continued expansion in the MENA region, NOV is strategically positioned to drive technology and innovation in the region’s oil and gas industry. The Dammam Asharqia Chamber Tower offers state-of-the-art amenities and a strategic location, making it an optimal choice for NOV's regional headquarters. Its modern facilities and infrastructure will not only support the Company’s growth plans but also facilitate the attraction and retention of top talent from the region.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For over 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

For more information, visit www.nov.com.

About the Ministry of Investment

The ongoing transformation of Saudi Arabia under the Vision 2030 economic development and diversification plan is unlocking new investment opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, facilitated by Saudi Arabia’s National Investment Strategy.

Through a network of representative offices across the world, MISA partners with businesses of all scales and sizes—from startups to blue-chip multinationals—to help make investing in Saudi Arabia as simple as possible. MISA also plays a leading role in improving Saudi Arabia’s overall business environment by facilitating investment data across regions and sectors, creating investment incentives, spearheading business reforms and opening up investment opportunities.

For more information on MISA, please visit the website or connect with #MISA on Twitter @MISA and LinkedIn.

About Invest Saudi

Overseen by Saudi Arabia’s Ministry of Investment (MISA), Invest Saudi is the Kingdom’s investment attraction and promotion entity charged with communicating and facilitating investment opportunities.

Invest Saudi is the primary point of contact for foreign investors seeking information and assistance before, during and after their entry into Saudi Arabia. It is committed to working in partnership with potential and current investors to make their investment journey a seamless experience.

For more information on Invest Saudi, please visit the website or connect with #InvestSaudi on Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240222777981/en/

Amie D’Ambrosio

Director, Investor Relations

(713) 375-3826

Amie.DAmbrosio@nov.com

misa@consulum.com

Source: NOV Inc.

FAQ

What did NOV announce in the press release?

NOV announced the establishment of its regional headquarters in Dammam, Saudi Arabia.

Where will NOV's regional headquarters be located?

NOV's regional headquarters will be situated at the prestigious Dammam Asharqia Chamber Tower.

Who attended the special ceremony commemorating the establishment of NOV's regional headquarters?

The special ceremony was attended by Excellency Khalid Al-Falih, the Minister of Investment, and Mr. Clay Williams, Chairman, President, and Chief Executive Officer of NOV.

What is the significance of the facility in Dammam for NOV?

The facility aims to enhance operational efficiency, foster closer collaboration with regional stakeholders, and strengthen NOV's market position in the Middle East.

Why did NOV choose Eastern Province for its regional headquarters?

NOV chose Eastern Province due to its strategic positioning within MENA, substantial presence in Oil and Gas operations, and thriving business environment.