RIYADH: Saudi Basic Industries Corp. (SABIC) leaders signed three memorandums of understanding with international partners through the company鈥檚 national initiative, Nusaned, at the third annual Future Investment Initiative (FII) in Riyadh.
The foundations for the agreements were laid through SABIC鈥檚 Local Content and Business Development Unit, and could generate nearly SR495 million ($132 million) for the Saudi economy.
The MoUs cover projects and companies leveraging SABIC鈥檚 products and solutions, ranging from construction to water infrastructure, energy and industrial machinery. The MoUs include agreements with Taqnia Energy for energy-related industries and services, Baker Hughes to carry out projects in water treatment and chemical products needed in oil production, and Aurora Motors and Al-Khorayef Group to support localizing high-efficiency electric motors.
Fuad Mosa, vice president of SABIC鈥檚 local content and business development unit, said: 鈥淔or more than 40 years, SABIC has been a key contributor to 抖阴短视频鈥檚 economic growth. Today, we are demonstrating once again that we will continue contributing to the Kingdom鈥檚 economy and promote job growth. We remain committed to work toward the ambitious goals of Saudi Vision 2030, as well as our own 2025 strategy.鈥�
He added: 鈥淭hese initiatives reflect our growing emphasis on attracting international investments to the Kingdom for the benefit of citizens. Nusaned is bearing fruit as we continue to coordinate the initiative by providing logistical support, products and solutions, as well as technical support to companies that do business here in 抖阴短视频.鈥�
SABIC is a strategic partner of FII, hosted under the leadership of Crown Prince Mohammed bin Salman. The event gathers innovators, investors and global leaders across a range of sectors to shape the future of global investment.