Saudi Basic Industries Cooperation set to boost investments in China

Chinese markets are reportedly contributing nearly 20 percent of SABIC’s total global sales. According to Deputy Chairman and CEO of SABIC Yousef Al-Benyan, SABIC will contribute to raise the volume of trade exchange between the two countries. (Reuters)
Updated 10 December 2017
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Saudi Basic Industries Cooperation set to boost investments in China

RIYADH: Saudi Basic Industries Corp. (SABIC), the Saudi leading petrochemical company, has signed a memorandum of understating (MoU) to boost its investments in the People’s Republic of China.
SABIC signed the MoU with the Guangzhou Nansha Development Zone Committee of China on Friday. The deal is also meant to enhance joint cooperation between the two parties, the Saudi Press Agency (SPA) said.
The deal was signed by Xie Ming, the deputy director of the Guangzhou Nansha Development Zone Administration Committee, and SABIC was represented by its director of operations for manufacturing and specialized products in Asia, Manoj Sohoni.
According to the MoU, SABIC will conduct feasibility studies for its future investments in the Guangzhou Nansha Development Zone.
Prior to the signing of the memo, Deputy Chairman and CEO of SABIC Yousef Al-Benyan met with Chinese officials in Guanzhou who expressed their appreciation to SABIC for its contribution to the development of their region.
Al-Benyan expressed SABIC’s commitment to working in China, and added that the Chinese market is considered a strategic market for SABIC.
In its capacity as a partner, SABIC will help enhance sustainable development and comprehensive growth in China, Al-Benyan said.
He said he was happy to come to China and discuss investment opportunities. He also expressed hope that SABIC will contribute to raise the volume of trade exchange between the two countries through continued investments in China.
Chinese markets are reportedly contributing nearly 20 percent of SABIC’s total global sales.
According to the Chinese Federation of Petroleum and Chemical Industries, the volume of Chinese chemical industry hit $961.5 billion between January and August 2017, or an increase of 14.2 percent on a year-to-year basis while it remains an engine for growth and global business development for SABIC.
No comments were immediately available on the details of the deal or SABIC’s investment in the Chinese region from either SABIC or the Chinese Embassy in Riyadh.


Jeddah Season provides seasonal employment for young Saudis

Updated 18 June 2019
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Jeddah Season provides seasonal employment for young Saudis

JEDDAH: The Jeddah Season festival has provided a wide range of seasonal employment opportunities for young Saudi men and women, helping them gain experience and prepare them to enter the job market.

More than 5,000 young Saudis are working around the clock, each in his or her field, to manage the festival’s activities.

The festival aims to highlight development opportunities in Saudi Arabia, introduce the Kingdom as one of the most popular tourist destinations in the world, support the government’s efforts to empower Saudi youths, support local small and medium enterprises, develop Jeddah’s tourism sector and provide volunteer opportunities.

Jeddah Season, which began on June 8 and runs until July 18, has attracted thousands of visitors of all ages through its 150 local and international events and activities.

It is being held at five sites: King Abdullah Sports City, Al-Hamra Corniche, the Jeddah Waterfront, Obhur and Historic Jeddah (Al-Balad), which is a UNESCO World Heritage Site.

Jeddah Season offers a wide range of tourism, entertainment and cultural events and activities, and sheds light on the city’s status as the Kingdom’s tourism capital. Most of its events are being held for the first time in Saudi Arabia.

Jeddah Season is in line with the Vision 2030 reform plan, which aims to advance the welfare of Saudi society, diversify local development opportunities, improve the Kingdom’s contribution to arts and culture, and create job opportunities for Saudi youths.