SABIC’s Nusaned initiative to contribute SAR 4.3 bln to GDP

A total of 22 investors qualified this year to start projects under SABIC’s Nusaned initiative that will contribute to the creation of 1,695 jobs and increase GDP by more than SR 4.3 billion.

A number of agreements and memoranda of understanding for strategic partnerships were signed today, the company said in a statement.

The Nusaned program was launched in early 2018 and reflects SABIC’s keenness on stimulating the local industry and enabling the Vision 2030 through various streams including private sector participation in GDP, reducing unemployment, and increasing the contribution of non-oil exports.

These agreements and projects will serve several sectors including building materials, machinery and equipment, medical supplies, metals, plastics and conversion, renewables, and specialty chemicals.

Fuad Mosa, Vice President of the Local Content & Business Development Unit, SABIC said that such agreements are part of the company’s localization initiative.

“It has facilitated investment opportunities for small and medium enterprises to maximize their role in establishing a local industrial base that helps in the diversification of the national economy,” he added.

Additionally, the “Nusaned for Excellence” initiative was also launched, which aims to improve the efficiency of Saudi plants and factories to achieve operational excellence.

The initiative aims to improve the performance and competitiveness of plants to achieve the objectives of the industrial sector and the development of the local content.