| 19 April 2024, Friday |

Sabic’s localisation drive to contribute $3bn to Saudi Arabia’s economy

Investors selected for Sabic’s Nusaned program are anticipated to generate 10,316 jobs in Saudi Arabia and contribute more than 11.4 billion Saudi riyals ($3.04 billion) to the country’s economy.

Sabic, the Middle East’s largest petrochemicals firm, is actively helping to the growth of businesses in the kingdom through its Nusaned program, which was established in 2018 and has so far picked 139 investors to start new projects, Sabic said on Wednesday.

“Under Nusaned, we are always exploring new business strategies with Saudi entrepreneurs that have an eye for innovative technology and are devoted to environmental excellence in operations,” Sabic vice chairman and chief executive Yousef Al Benyan said.

“Our objective is to grow our industries and improve people’s lives by empowering local investors and supporting economically viable sectors, as envisioned in the kingdom’s lofty Vision 2030 ambitions.”

As part of its Vision 2030 initiative, Saudi Arabia, the Arab world’s largest economy, is focusing on diversifying its economy away from oil. To attract investment and generate employment, the monarchy is constructing projects in real estate, petrochemicals, transportation, hotels, and industries.

Following Sabic’s acceptance of their ideas, investors can begin their own businesses from inception to implementation through the Nusaned program. To be qualified, participants must exhibit a good grasp of products and services that match the standards, according to Sabic.

As part of the program, Sabic is also assisting the King Fahd University of Petroleum and Minerals in training students and graduates from authorized universities in business entrepreneurship. It also struck a preliminary deal with the kingdom’s BGI Almanahil Health for Medical Services to localize laboratory equipment for Covid-19 testing.

In October, the Riyadh-based firm announced a five-fold rise in third-quarter net profit to 5.59 billion riyals as sales increased 29.3 percent to 43.7 billion riyals due to higher average selling prices.

  • The National News