SABIC Launches Nusaned Initiative to Support Investment in Small Enterprises

SABIC Launches Nusaned Initiative to Support Investment in Small Enterprises
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SABIC Launches Nusaned Initiative to Support Investment in Small Enterprises

SABIC Launches Nusaned Initiative to Support Investment in Small Enterprises

Saudi Basic Industries Corporation (SABIC) launched Monday “Nusaned” initiative to support investment in small and medium enterprises and develop local content.

Nusaned is the first product of the local content and business development unit that was established by SABIC in early 2017.

The aim of the initiative is to be a key element in enabling the achievement of the Kingdom’s vision 2030 as it seeks to provide opportunities for investors, especially the youth, and entrepreneurs who wish to develop their businesses in innovative and pioneering industrial sectors that contribute to raising the level of localization of industrial technologies, creating new jobs and increasing the volume of Saudi exports abroad.

Chairman of SABIC Dr. Abdulaziz al-Jarbou said the initiative comes in line with implementing the Saudi vision through supporting the national industrial sector and developing local content.

For his part, Vice-Chairman and Chief Executive Officer Yousef Abdullah al-Benyan stressed the company’s central role in supporting national industries as a global supplier of raw materials in many industries.

"Our global partnerships and our presence in more than 50 countries around the world help us attract investment and international expertise that will contribute to raising local industries, to be able to grow and compete globally, and export levels, achieving more trade balance in the Kingdom and increasing the value of the Gross Domestic Product (GDP),” Benyan said.

The company's support for small and medium enterprises is an investment in them and cooperation with them to become competitive, Benyan added, pointing out that this move breaks many barriers towards growth and export, thus creating a local and international market for these enterprises to achieve vision 2030 and the national transformation program.

He announced the formation of the executive committee overseeing Nusaned, which includes the Governor of the General Authority for Investment, the Head of the Local Content and Private Sector Development Unit of the Economic Affairs and Development Council, the Governor of the Small and Medium Enterprises Authority and the Deputy Minister of Labor and Social Development for Naturalization and CEO of SABIC.

Executive Vice President, Innovation & Business Development Eng. Uwaidh al-Harethi spoke about the importance of local content and business development.

“Nusaned initiative will play a significant role in facilitating the task of whoever seeks to establish a work that contributes to the naturalization of industry locally,” Harethi stressed.



Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
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Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)

US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war.  

Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for American industries -- while Washington would allow Chinese students to remain in US universities.  

His post came after top United States and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London. 

"Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me." 

"President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!"  

US stock markets showed little enthusiasm despite Trump's statements, but major indexes edged higher in early trading.  

- 'Candid' talks -  

US Treasury Secretary Scott Bessent said Wednesday that it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations."  

"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee.  

The two sides agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal.  

Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license -- widely seen as a response to US tariffs.  

Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles.  

US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths "were not coming" would likely be relaxed once Beijing moved forward with more license approvals.  

On Truth Social, Trump said China will supply "full magnets, and any necessary rare earths" up front.  

Washington has infuriated Beijing by vowing to revoke the visas of Chinese students, a major source of revenue for US universities.  

On Wednesday, Trump said: "We will provide to China what was agreed to, including Chinese students using our colleges and universities."  

The US president also said that the United States applies 55 percent tariffs on Chinese goods -- a combination of his 30 percent additional levies this year and the rough average of pre-existing duties, a White House official said.  

He said Beijing charges 10 percent duties on US goods.  

The rates are the same as those that were previously agreed in the truce, which temporarily brought US tariffs down from 145 percent and those imposed by China from 125 percent.  

In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.  

"As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He said, according to state broadcaster CCTV.  

Speaking to reporters in London, China International Trade Representative Li Chenggang earlier said: "Our communication has been very professional, rational, in-depth and candid."