Saudi Arabian multinational chemical manufacturing company, Saudi Basic Industries Corporation (SABIC) has stated that its Nusaned program is directly contributing to the growth of firms in the kingdom.
The program, which was established in 2018, has so far selected 139 investors to start new initiatives. “Investors qualified to start new projects under Sabic’s Nusaned initiative are expected to create 10,316 jobs in Saudi Arabia and contribute more than $3.04 billion (11.4 billion Saudi riyals) to the country’s economy,” according to the reports.
“Under Nusaned, we are constantly exploring new business strategies with Saudi entrepreneurs who have an eye for innovative technologies and are committed to environmental excellence in operations. By enabling local investors and supporting commercially viable sectors, our aim is to strengthen our industries and better people’s lives, as envisioned in the kingdom’s ambitious Vision 2030 goals.”
Saudi Arabia, the Arab world’s largest economy, is focusing on diversifying its economy away from oil as part of its Vision 2030 program. To attract investment and boost employment, the kingdom is developing projects in a variety of areas, including real estate, petrochemicals, transportation, and hospitality.
Under the Nusaned program, investors can start their own ventures from inception to implementation after their proposals are accepted by SABIC. To be eligible, participants must demonstrate a strong understanding of products and services that meet 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 BGI Almanahil Health for Medical Services in the kingdom to localize laboratory equipment for conducting COVID-19 tests.
Early this month, SABIC secured a Platinum Medal from EcoVadis, a leader in third-party evaluations of business sustainability performance. The Platinum award is the highest recognition a company could receive for its sustainability efforts and it positions SABIC in the top one percent of companies assessed across the globe.