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.



Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday, as Moscow seeks stronger ties with the world's biggest energy consumer.

Russia, the holder of world's largest gas reserves, has diverted oil supplies from Europe to India and China since the start of the conflict in Ukraine in February 2022, Reuters said.

At the same time, Russia's diversification of pipeline natural gas from the European Union has been slow.

It started gas exports to China via the Power of Siberia pipeline in the end of 2019 and plans to reach the pipeline's annual exporting capacity of 38 billion cubic meters this year.

Russia and China have also agreed on exports of 10 bcm of gas from Russia's Pacific island of Sakhalin starting from 2027.

However, years of talks about the Power of Siberia 2 pipeline, which would ship 50 bcm of gas per year to China via Mongolia, have yet to be concluded as the two sides disagree over issues such as the gas price.

Russian President Vladimir Putin is set to travel to China in early September to participate in celebrations marking the anniversary of the victory over Japan in World War II.

The trip follows Chinese President Xi Jinping's visit to Moscow in May.