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.


Proposals to cut expats in Kuwait reviewed by National Assembly committee

Updated 36 min 19 sec ago

Proposals to cut expats in Kuwait reviewed by National Assembly committee

  • One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country
  • The Kuwaiti government’s plan calls to replace about 160,000 expat working in the public sector with nationals

DUBAI: Thousands of expats in Kuwait are expected to leave the country as talks over the decision have started between the government and the National Assembly human resources committee.
The government and parliamentary proposals are being reviewed by the committee, national daily Kuwait Times reported.
One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country.
The Kuwaiti government’s plan also calls to replace about 160,000 expat working in the public sector with nationals, but did not provide a timeframe.
The proposal also suggests that about 370,000 expats who show a “negative impact” on the country or are illegal residents can be dismissed by taking short-term measures.
The government added in its plan that “marginal” workers should be reduced by 25 percent. It also expects to lower temporary employment contracts by 30 percent in government jobs.
The government also discussed the massive increase in the expat population in the country between 2005 and 2019, as it went up to 4.42 million. It added that during this time, the citizens’ population increased from 860,000 to 1.335 million.