New Batch of Eligible Investors Under SABIC’s NUSANED™️ Initiative Honored, Total Contribution to GDP Expected to Reach SR 11.4 Billion
The 11th Nusaned Council meeting was held in Riyadh on December 28 when a new batch of 33 eligible investors was honored, bringing the total number of candidates qualified to initiate new projects since the launch of the program in 2018 to 139. Overall, the 139 investors are expected to create 10,316 jobs and contribute more than SR 11.4 billion to the GDP.
Yousef Al-Benyan, SABIC Vice Chairman and CEO, said, “Under NUSANED™, we are constantly exploring new business strategies with Saudi entrepreneurs who have an eye for innovative technologies and are committed to environmental excellence in operations. By enabling local investors and supporting commercially viable sectors, our aim is to strengthen our industries and better people’s lives, as envisioned in the Kingdom’s ambitious Vision 2030 goals.”
During the meeting, an agreement and three memoranda of understanding were signed as part of SABIC’s efforts to promote business collaboration and contribute to localizing technologies and industries in the Kingdom.
The agreement signed at the meeting covered extending support for the Entrepreneurship Program of the King Fahd University of Petroleum and Minerals (KPUPM). The SABIC-KFUPM program involves training students and graduates from accredited universities in business entrepreneurship.
The first MoU signed was with the Technical and Vocational Training Corporation to study the establishment of a higher industrial institute for women. The aim of the planned institute is to help create job opportunities for women, particularly in small and medium enterprises (SMEs).
The second MoU was with BGI Almanahil Health for Medical Services to localize laboratory equipment for conducting COVID-19 tests.
The third MoU was with the Ministry of Health to facilitate healthcare projects in Saudi Arabia and promote creativity and innovation.
Two Saudi companies, Saudi Mais Company and Demas Factory, were also honored for pioneering the production of N95 masks in Saudi Arabia, using SABIC’s polypropylene material. The project was part of SABIC’s efforts to work closely with local manufacturers and create innovative solutions under the NUSANED™ initiative.
Under the NUSANED™ program, the investors can start their ventures originating from their own business ideas – from inception to implementation – after their proposals are analyzed and the project feasibilities are determined. The participants need to demonstrate they have a strong understanding of their chosen marketplace and can deliver products and services that meet national requirements.
The Council is the executive platform of SABIC’s localization initiative, NUSANED™, which seeks to support the realization of Saudi Vision 2030 by creating a proper ecosystem for success through its innovation competencies, advanced technology, and skilled workforce.
Besides SABIC, other members of the Nusaned Council also attended the ceremony, including the Ministry of Human Resources and Social Development, the Ministry of Industry and Mineral Resources, the Ministry of Investment, Monshaat and the Local Content and Government Procurement Authority.