Saudi Basic Industries Corp. signs 3 investment deals with global partners

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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
Updated 01 November 2019

Saudi Basic Industries Corp. signs 3 investment deals with global partners

RIYADH: Saudi Basic Industries Corp. (SABIC) leaders signed three memorandums of understanding with international partners through the company’s national initiative, Nusaned, at the third annual Future Investment Initiative (FII) in Riyadh.

The foundations for the agreements were laid through SABIC’s Local Content and Business Development Unit, and could generate nearly SR495 million ($132 million) for the Saudi economy.

The MoUs cover projects and companies leveraging SABIC’s products and solutions, ranging from construction to water infrastructure, energy and industrial machinery. The MoUs include agreements with Taqnia Energy for energy-related industries and services, Baker Hughes to carry out projects in water treatment and chemical products needed in oil production, and Aurora Motors and Al-Khorayef Group to support localizing high-efficiency electric motors.

Fuad Mosa, vice president of SABIC’s local content and business development unit, 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 Crown Prince Mohammed bin Salman. The event gathers innovators, investors and global leaders across a range of sectors to shape the future of global investment.


Apple to launch first online store in India next week

Updated 18 September 2020

Apple to launch first online store in India next week

  • The company at present uses third-party online and offline retailers to sell its products in the country
  • India has become a key focus of tech giants over the last few years

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.