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.