RIYADH: Investors under a local initiative to support Saudi businesses led by SABIC are expected to contribute more than SR11.4 billion ($3 billion) to the Kingdom's economy and create around 10,316 jobs.
In a statement Saudi Basic Industries Corp. said it included a new batch of 33 eligible investors to the initiative known as NUSANED, bringing the total number of candidates qualified to initiate new projects since its launch
in 2018 to 139.
Last year, SABIC's NUSANED total contribution to the Gross Domestic Product was at SR8.8 billion from 106 investors.
The 11th Nusaned Council meeting was held in Riyadh on Dec. 28, according to the statement.
Yousef Al-Benyan, SABIC Vice Chairman and CEO said: “Under NUSANED, we are constantly exploring new business strategies with Saudi entrepreneurs who have an eye for innovative technologies and are committed to environmental excellence in operations. By enabling local investors and supporting commercially viable sectors, our aim is to strengthen our industries and better people’s lives, as envisioned in the Kingdom’s
ambitious Vision 2030 goals.”