RIYADH: Saudi companies are being encouraged to tap into investment deals and contracts worth more than SR100 billion ($26.62 billion) with two of the Kingdom’s biggest firms.
Representatives from the Saudi Electricity Co. and the Saudi Basic Industries Corporation — also known as SABIC — unveiled various opportunities for firms in the Kingdom to work with them during workshops organized by the Federation of Saudi Chambers, according to Saudi Press Agency.
The Saudi Electricity Co. set out its strategy for the localization of the electricity industries, known as ‘Bena’, which aims to encourage and support local manufacturing.
It also includes three initiatives: to raise the percentage of localization in the company's projects; increase the purchases of materials from national factories; and identify investment opportunities required to be localized.
The firm indicated the volume of future demand for or purchases and contracts is expected to reach SR100 billion.
SABIC explained that the investment opportunities under the umbrella of its Nusaned initiative to enhance local content, contributed to supporting economic development with more than $1 billion of gross domestic product.
The company approved 43 investment opportunities, with the total investment opportunities amounting to 351 opportunities.
The number of investors has reached 183, while the number of feasibility studies has hit 74.
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