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SABIC Qualifies 22 Investors for $1.1b Projects

SABIC Qualifies 22 Investors for $1.1b Projects

Friday, 20 September, 2019 - 12:30

SABIC, one of the world's largest petrochemical manufacturers, has announced qualifying 22 investors to commence projects worth SAR4.3 billion (USD1.1 billion).

This coincided with «Nusaned» initiative, at the headquarters of SABIC in Riyadh, which saw the graduation of 15 new investors, bringing the total this year to 22 investors qualified to embark projects.

These projects would contribute to the creation of 1695 jobs.

According to a statement issued by the company on Thursday, SABIC signed deals and memorandums of understanding for several strategic partnerships, launching «Nusaned for Excellence» initiative.

«Nusaned for Excellence» aims to improve the efficiency of operations at Saudi factories in order to achieve operational excellence, improve performance and competitiveness in the markets, and contribute to the achievement of industrial sector objectives and development of local content.

The event is part of SABIC's Nusaned program, launched in early 2018, as part of its commitment to stimulate the local industry and empower the Saudi Vision 2030 through several themes.

These themes include boosting the participation of the private sector in GDP, reducing unemployment, and increasing the contribution of non-oil exports. Further, the agreements and projects consist of the service of several sectors such as building materials, equipment and tools, medical supplies, metals, plastics, renewable energy, and specialty chemicals.

Vice President of Local Content and Business Development Fouad Moussa said that the agreements are part of the company's orientation in supporting naturalization, pointing out that SABIC continues to enhance its local purchases of materials and services.

Moussa added that Nusaned has become a national platform to unify efforts of the public-private sectors' institutions, thus contributing to facilitating investment in SMEs.

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