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.