SABIC’s national initiative Nusaned signs three MoUs at FII to attract investments

SABIC’s national initiative Nusaned signs three MoUs at FII to attract investments
Published: 2 November 2019 - 3 a.m.
By: Martin Menachery
SABIC leaders joined international partners and Saudi business leaders at the third annual Future Investment Initiative (FII) in Riyadh on 30 October and signed three MoUs with international partners through the company’s national initiative, Nusaned.

The foundation for the MoUs were laid through SABIC’s local content and business development unit, and could generate nearly SR 495 million for the Saudi economy.

The MOUs cover a range of projects and companies leveraging SABIC’s products and solutions – from construction to water infrastructure, energy and industrial machinery. This diversity of offerings from SABIC demonstrates the value of the company as a key enabler of Saudi Arabia’s economic diversification under Vision 2030. Most importantly, the investments will help generate jobs for Saudis in the Kingdom.

The MoUs include agreements with: Taqnia Energy for energy-related industries and services, smart and innovative technologies in sorption cooling, waste water treatment, smart pole (ICORE), and smart grid solutions; Baker Hughes to enable several projects in the water treatment and chemical products required in the oil field; Aurora Motors and AlKhorayef Group to support localizing high efficiency electric motors.

Fuad Mosa, SABIC Vice President, Local Content and Business Development said, “For more than 40 years, SABIC has been a key contributor to Saudi Arabia’s economic growth. Today, we are demonstrating once again that we will continue contributing to the Kingdom’s economy and promote job growth. We remain committed to work toward the ambitious goals of Saudi Vision 2030, as well as our own 2025 strategy.

He added, “These initiatives reflect our growing emphasis on attracting international investments to the Kingdom for the benefit of citizens. Nusaned is bearing fruit as we continue to coordinate the initiative by providing logistical support, products and solutions, as well as technical support to companies that do business here in Saudi Arabia.

SABIC is a strategic partner of FII, hosted under the leadership of Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister and Minister of Defense, Chairman of the Council for Economic and Development Affairs and Chairman of the Public Investment Fund (PIF). The event gathers innovators, investors and global leaders across sectors to shape the future of global investment.

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