NUSANED™ executive council meets to help stimulate local content, enable investors
The seventh NUSANED™ Executive Council meeting was held virtually on September 16 to discuss ways to help stimulate local content, enable local investors, attract global investments, seek new opportunities for SMEs, and support commercially viable sectors for future growth. NUSANED™ is SABIC’s localization initiative to support the realization of Saudi Vision 2030.
Yousef Abdullah Al-Benyan, SABIC Vice Chairman and CEO, Faisal Al-Bahair, SABIC Vice President, Local Content and Business Development Unit, and senior leaders representing various public and private sector bodies attended the meeting.
The meeting also looked into the opportunities arising from the ongoing pandemic, reviewed the initiative’s successful journey since it was launched in 2018 as well as the work progress of each of the council members. It also discussed future partnerships and initiatives.
Al-Benyan said, “We view localization more of a value pack, especially when we consider the positive impact of the alignment between the public and private sectors on the development of local content and industrial investment. That is why we at SABIC have initiated NUSANED™ to create the proper ecosystem for success through harnessing its capabilities in innovation and advanced technologies, as well as its distinguished competencies to enable the ambitious goals of Vision 2030.”
Al-Bahair commented, “Our NUSANED™ initiative seeks to build value by localizing the materials, services and technologies, fostering a supplier base of manufacturing, developing the plant workforce, promoting entrepreneurship, as well as creating the appropriate environment to achieve economic growth by increasing the contribution of plants and SMEs to the GDP. It is with these goals in mind that we periodically convene NUSANED™ Council meetings to ensure we continue expanding our support with new partnerships and by helping raise competencies at all levels.”
The NUSANED™ Executive Council seeks to consolidate national efforts and enhance cooperation between the public and private sectors to support local content development. Besides leaders from SABIC, the Council comprises Dr. Abdullah Abuthnain, Deputy Minister of Human Resources and Social Development, Eng. Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources, Mr. Ibrahim Al-Suwail, Investor Services and Advisory Deputy Minister at the Ministry of Investment, Eng. Saleh Al-Rasheed, Governor, General Authority for Small and Medium Enterprises (Monshaat) and Mr. Abdulrahman Al-Samari, CEO, Local Content and Governmental Procurement Authority.