SABIC’s localization initiative continues to aid local companies, SMEs

By Rahul Vaimal, Associate Editor
SABIC
Representational Image

Saudi Arabian multinational chemical manufacturing company SABIC’s localization initiative, Nusaned reported that 43 new Saudi entrepreneurs have qualified from its program, bringing the total number to 106.

SABIC launched the initiative in 2018 as part of the Kingdom’s Vision 2030 plan to diversify the non-oil economy as part of its bid to promote the growth of local companies and small and medium-sized enterprises (SMEs).

Nusaned said in a press statement that its graduates will continue to launch projects that will generate 6,610 new jobs and contribute to the Saudi economy by more than $2.35 billion (SR8.8 billion). The graduation ceremony was held at the SABIC Plastic Application Development Center in Riyadh.

It has signed several strategic partnership agreements with local and international organizations, to assist graduates in gaining business opportunities in the public and private sectors.

Also, Nusaned signed agreements with the government SMEs authority Monshaat, German multinational chemical company BASF and US multinational firm Emerson.

The contracts and projects are expected to work in a variety of areas, including construction, equipment, medical supplies, metals, plastics, renewable energy, and specialty chemicals.

Yousef Al-Benyan, SABIC vice chairman and CEO, said, “The outcome of these agreements and partnerships will contribute to creating jobs, and will raise the level of knowledge and professional qualification for local competencies and entrepreneurs.”

SABIC

SABIC, also known as Saudi Basic Industries Corporation, is a Chemical manufacturing company and a subsidiary of the state-owned petroleum and natural gas company Saudi Aramco. It is the second-largest public company in the Middle East and Saudi Arabia as listed in Tadawul. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals.

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