SABIC’s national initiative NUSANED™ to contribute SR6.1b to GDP, create over 3,000 jobs
SABIC has been successfully investing in local content to stimulate the national economy and help realize the Saudi Vision 2030. Central to these efforts is NUSANED™, an initiative through which a series of projects contributed in 2019 approximately SR 6.1 billion (US$1.6 billion) to GDP and created more than 3,000 job opportunities.
NUSANED™ brings together the public and private sectors helping small and medium-size enterprises (SMEs) get started and enabling more established ones to grow further. By supporting local business and procurement initiatives, SABIC empowers SMEs and helps reduce unemployment by building local capabilities and boosting national GDP. NUSANED™ also plays a key role in supporting exports through strategic cooperation with the Saudi Export Development Authority (SEDA).
By supporting and promoting the localization of materials, services and manpower, SABIC has been able to reduce our reliance on imports. The company’s partnerships around the world also open new avenues and opportunities.
“Our global partnerships and presence in more than 50 countries help attract investments and bring international expertise to Saudi Arabia. Through these efforts, we have enhanced the capabilities of local industries to grow and compete and have made significant progress in enabling investment, lowering unemployment and increasing the contribution of SMEs to GDP,” said Eng. Faisal Al-Bahair, VP, Local Content & Business Development Unit.
“Nusaned initiative is attracting investments in technology and innovation, procurement and manufacturing, helping create thousands of new jobs for Saudis. We are maintaining our momentum and progress toward meeting the objectives of the Saudi Vision 2030,” he added.
SABIC provides training programs to develop technical skills and leadership capabilities of the Saudi workforce. The company recently helped create 2,215 jobs for Saudi workers while enhancing the capabilities of 85 women and qualifying them for industrial sector.
Nusaned Investment has also secured the approval and commitment for six deals in 2019 with a total value of SR 143 million (US$38 million) through direct and indirect investments. These include a joint venture with German tech company SCHMID Group to build a mega utility-scale battery facility in the Kingdom.
The future looks bright for NUSANED™ as it builds an ecosystem for success by leveraging SABIC’s innovation competencies, advanced technologies and a skilled and motivated workforce. It’s a great example of how we deliver ‘Chemistry that Matters™’.
Find out more about 2019 Nusaned Annual Report