Nusaned Investment™ announces closing a deal to manufacture sustainable wood plastic composites
Nusaned Investment™, owned by SABIC with a mandate to invest in industrial SMEs to increase local content in the Kingdom, signed a deal with Suhul Alkhalej for Industrial Development and Investment Company (Suhul Alkhalej). The new venture will own and operate a factory to manufacture wood-plastic composite (WPC) profiles for decking and cladding, WPC sheets, WPC doors and unplasticized polyvinyl chloride (uPVC) profiles for windows and doors.
The deal between Nusaned Investment, through Nusaned Fund managed by Albilad Capital, and Suhul Alkhalej factory will use eco-friendly compounds using SABIC raw materials, making the products more energy efficient than the traditional construction materials delivering Chemistry that Matters™.
“The new venture fulfills Nusaned Investment™’s mandate of investing in industrial SMEs in the Kingdom. It contributes to local content initiatives and business growth through export opportunities, all of which serve the economic diversification objectives of Saudi Vision 2030,” said Faisal Al-Bahair, VP, Local Content & Business Development Unit and CEO of Nusaned Investment™.
“The venture will be using polymers products as raw materials promoting sustainability and downstream initiatives. The manufactured products are also a good fit to SABIC’s Home of innovation™ portfolio,” he added.
This is the second transaction of Nusaned Investment™, as Nusaned Investment™ and SCHMID Group in June 2020 announced their successful JV transaction focusing on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB) after receiving all required regulatory approvals and satisfying all closing conditions. The agreement to establish the Advance Energy Storage System Investment Company, the JV, was signed and announced in May 2019.