Arab News, Thursday, Dec 31, 2020 | Jamadi Al Awwal 16, 1442
SABIC localization scheme to add $2.35bn to Kingdom’s GDP
Saudi Arabia: Nusaned, SABIC’s localization initiative,
announced on Wednesday that 43 new Saudi entrepreneurs qualified from its
program, bringing the total number to 106.
SABIC set up the initiative in 2018 as part of its bid to encourage the growth
of local companies and small and medium-sized businesses, as part of the
Kingdom’s Vision 2030 strategy to diversify the non-oil economy.
In a press statement, Nusaned said its graduates will go on to start projects
that will create 6,610 new jobs and contribute more than SR8.8 billion ($2.35
billion) to the Saudi economy.
The graduation ceremony took place in Riyadh at the SABIC Plastic Applications
Development Center.
Several strategic partnership agreements were also signed with local and
international bodies and organizations, in order to help the graduates seize
opportunities in the public and private sectors and generate commercial
opportunities.
Nusaned signed agreements with the government SMEs authority Monshaat, German
multinational chemical company BASF and US multinational Emerson.
The agreements and projects are expected to serve diverse sectors such as
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.”