Sabic’s national initiative Nusaned qualified 40 entrepreneurs to invest in the Saudi market and announced a series of projects that will contribute SR6.1 billion ($1.6 billion) to GDP and create 3,149 jobs.
The announcements were made during the Nusaned Executive Council’s recent sixth meeting at Sabic headquarters in Riyadh during which several agreements and MoUs with local and international companies were also signed.
The agreements with chambers of commerce and industry of various regions in the Kingdom are aimed at increasing the localization of jobs and raising the percentage of women’s participation in the labour market. Other agreements with international companies are meant to attract investment in the fields of innovation, electricity, engineering consulting, renewable energy and localization of technologies in the industrial field.
A new patent registered by the Global Company for Downstream Industries (GDI), a leading Saudi company, was also announced during the meeting. The GDI in cooperation with the German company "Evonik" developed a new technology for multi-purpose isopropyl alcohol production, which will drive sustainability in local markets by achieving self-sufficiency and increasing the Kingdom’s exports.
Moreover, 85 female graduates with a bachelor’s degree in chemistry were honoured after they completed an intensive training program launched in cooperation with the High Institute for Elastomer Industries (HIEI). The program aims at enhancing their skills, deepen their understanding of the elastomer industries, and qualifying them to join the industrial sector.
The Council signed several memoranda of understanding under the “ExSabic” program, which creates jobs for Saudi youth by providing training at Sabic sites and affiliates in the Kingdom. The program seeks to qualify national talents to support local companies that contribute to increasing local content to achieve the goals of Saudi Vision 2030.
The Nusaned Council was established at the beginning of 2018 to follow up and implement the objectives of Nusaned to develop local content. The Council convenes three meetings annually. Its membership includes the Ministries of Energy and Labour and Social Development, Small and Medium Enterprises Authority, General Investment Authority, and Local Content and Governmental Procurement Authority.
