DUBAI: Saudi Basic Industries Corporation (SABIC) has signed an agreement with King Abdulaziz City for Science and Technology (KACST) to develop high performance and lightweight materials, as part of the Kingdom’s goal to develop more local industries.
The agreement was signed on Wednesday in Jeddah by SABIC Vice Chairman and CEO Yousef Al-Benyan and KACST President Dr. Anas Al-Faris.
“This joint development effort fits strategically with the objectives of Saudi Vision 2030 to promote local industries through collaboration and innovation. These high-performance materials will be developed entirely in Saudi Arabia to serve the Kingdom’s downstream needs,” Al-Benyan said in a press statement.
“The technology will help achieve sustainability targets by reducing greenhouse gas emissions in transportation markets, because of weight reductions with the use of lightweight materials,” he said.
“This agreement will allow us to serve the growing market for advanced materials uses in the Kingdom and create enormous opportunities for new and downstream industries,” Dr. Al-Faris said.
“We aim to contribute to enriching the local content, thus supporting the Kingdom’s economy and enhancing its competitive position in these industries,” he said.
Last year, Riyadh-headquartered SABIC said that it was aiming to become the largest petrochemical company in the world by 2030. It is currently ranked third globally.
Founded in 1976, SABIC has more than 33,000 employees worldwide and operates in about 50 countries. It currently has 12,540 global patent filings, and has significant research resources in the US, Europe, the Middle East, South Asia and North Asia.