Oil giant Saudi Aramco and energy services company Baker Hughes Co. have formed a 50/50 joint venture, Novel, to develop a broad range of non-metallic products for multiple applications in the energy sector.

Novel's new plant is being constructed at Saudi Arabia's King Salman Energy Park (SPARK), a 50 sq km energy city aimed at making the kingdom a global energy, industrial and technology hub.

The new facility will not only create jobs, it will also help to foster growth of an emerging sector in line with Saudi Arabia's Vision 2030 to diversify the economy away from oil, the companies said in a statement without disclosing the size of their investment.