SABIC’s Initiative Nusaned to Contribute SAR 8.8 Billion to GDP

Economics News
Published 31 Dec 2020
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SABIC’s Initiative Nusaned to Contribute SAR 8.8 Billion to GDP

Nusaned Council celebrated yesterday at SABIC Plastic Applications Development Center (SPADC) in Riyadh the graduation of 43 entrepreneurs who are qualified to invest in the Saudi market, as their projects will create 6,610 job opportunities and contribute SAR 8.8 billion to GDP.
Several agreements and memorandums of understanding (MoU) for strategic partnerships were signed to empower small and medium enterprises and to create commercial products. They also aim at strengthening cooperation with the Saudi business community and universities in the fields of sustainability and innovation as well as developing training and industry programs, which will contribute to localizing technologies and industries in Saudi Arabia.
According to the agreements, the initiative with the General Authority for Small and Medium Enterprises (Monshaat) aims to connect the enterprises with purchasing opportunities in the public and private sectors. BASF Company will also present its advanced technologies, products and training programs related to business and education sectors on the Home of Innovation platform. Meanwhile, Emerson Company will provide its solutions to localize a number of manufacturing technologies and control systems and valves assembly.
These agreements and projects will cover several sectors including building materials, equipment and tools, medical supplies, metals, plastics, renewable energy and specialty chemicals.
Nusaned Council includes in its membership SABIC, the Ministry of Human Resources and Social Development, Ministry of Industry and Mineral Resources, Ministry of Investment, Monshaat and the Local Content and Government Procurement Authority, as the Council is the executive arm of SABIC’s localization initiative “Nusaned”.

Last Modified Date: 31/12/2020 - 10:04 AM Saudi Arabia Time


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