SABIC’s initiative contributes US$1.6bn to GDP, creates 3,149 jobs

5V4A0002SABIC’s national initiative, Nusaned, qualified 40 entrepreneurs to invest in the Saudi market and announced a series of projects that will contribute US$1.6bn to GDP and create 3,149 jobs

The announcements were made during the Nusaned executive council’s sixth meeting at SABIC headquarters in Riyadh on 24 December during which several agreements and MoUs with local and international companies were also signed.

The agreements with chambers of commerce and industry of various regions in the kingdom are aimed at increasing the localization of jobs and raising the percentage of women’s participation in the labour market. Other agreements with international companies are meant to attract investment in the fields of innovation, electricity, engineering consulting, renewable energy and localisation of technologies in the industrial field.

A new patent registered by the Global Company for Downstream Industries (GDI), a leading Saudi company, was also announced during the meeting. The GDI in cooperation with the German company, Evonik, developed a new technology for multi-purpose isopropyl alcohol production, which will drive sustainability in local markets by achieving self-sufficiency and increasing the Kingdom’s exports.

Moreover, 85 female graduates with a bachelor’s degree in chemistry were honoured after they completed an intensive training program launched in cooperation with the High Institute for Elastomer Industries (HIEI). The program aims at enhancing their skills, deepen their understanding of the elastomer industries, and qualifying them to join the industrial sector.

The council has signed a number of memoranda of understanding under the ExSABIC programme, which creates jobs for Saudi youth by providing training at SABIC sites and affiliates in the kingdom. The programme seeks to qualify national talents to support local companies that contribute to increasing local content in order to meet the objectives of Saudi Vision 2030.

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