Saudi Basic Industries Corporation (SABIC) just launched a new initiative called NUSANED which aims to promote investments in small and medium enterprises (SMEs) in addition to supporting the development of local content.
The initiative, NUSANED is the first initiative that’s launched by SABIC’S Local Content and Business Development Unit (LCBDU) launched in early2017. The Unit seeks to make SABIC a key enabler in the achievement of Saudi Vision 2030. It provides opportunities for investors and young people and entrepreneurs to put their innovation and creativity into action and launch their own businesses. LCBDU also aims at raising the level of localization of industrial technologies, which in turn creates new jobs and increases the volume of Saudi exports.
SABIC Chairman Dr. Abdulaziz Bin Saleh Aljarbou said: SABIC’s NUSANED initiative, launched today is part of the efforts exerted by us to implement Saudi Vision 2030 by supporting the national industrial sector and developing local content, allowing the national companies to become global.”
Yousuf Al-Benya, SABIC Vice Chairman, and CEO, also highlighted their strategy of developing local content, stressing the pivotal role played by the company as a global supplier of innovative products used in many industries.
“Our global partnerships and our presence in more than 50 countries around the world helps us attract investments and bring in international expertise. This contributes to enhancing the capabilities of local industries to compete and grow globally. SABIC also helps raise the level of exports, achieve trade balance, and drive GDP growth,” he said.
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