Saudi Basic Industries Corp. (SABIC) leaders have signed three memorandums of understanding (MoUs) with international partners through the company’s national initiative, Nusaned, at the third annual Future Investment Initiative (FII) in Riyadh
The foundation for the MoUs were laid through SABIC’s Local Content and Business Development Unit, and could generate nearly US$132mn for the Saudi economy.
The agreements cover projects and companies leveraging SABIC’s products and solutions – from construction to water infrastructure, energy and industrial machinery.
The MoUs include agreements with Taqnia Energy for energy-related industries and services, smart and innovative technologies in sorption cooling, wastewater treatment, smart pole (ICORE), and smart grid solutions; Baker Hughes to enable several projects in the water treatment and chemical products required in the oil field; Aurora Motors and AlKhorayef Group to support localising high efficiency electric motors.
Fuad Mosa, SABIC vice-president, local content and business development, 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 working toward the ambitious goals of Saudi Vision 2030, as well as our own 2025 strategy.”
“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,” he added.