Sabic Launches NUSANED to Support Local Content Development
SABIC launched a groundbreaking initiative, NUSANED, which seeks to promote investments in small and medium enterprises and support the development of local content, here on Monday.
NUSANED is the first initiative launched by SABIC’s Local Content and Business Development Unit (LCBDU) formed in early 2017. LCBDU’s aim is to facilitate SABIC become a key enabler in the achievement of Saudi Vision 2030. It seeks to provide opportunities for investors, especially young people and entrepreneurs, who wish to develop their businesses in innovative and leading industrial sectors. It further aims at raising the level of localization of industrial technologies, creating new jobs and increasing the volume of Saudi exports.
SABIC Chairman Dr. Abdulaziz Bin Saleh Aljarbou said, "SABIC's NUSANED initiative, launched today is part of the efforts exerted by us to implement Saudi Vision 2030 by supporting the national industrial sector and developing local content, allowing the national companies to become global.”
Speaking at the ceremony, Yousuf Al-Benyan, SABIC vice chairman and CEO, highlighted SABIC's strategy of developing local content, stressing the pivotal role played by the company as a global supplier of innovative products used in many industries.
"Our global partnerships and our presence in more than 50 countries around the world helps us attract investments and bring in international expertise. This contributes to enhancing the capabilities of local industries to compete and grow globally. SABIC also helps raise the level of exports, achieve trade balance, and drive GDP growth," he said.
Al-Benyan added that by supporting small and medium enterprises, SABIC helps them become competitive and break any barriers to growth, mainly in the area of exports. SABIC helps create a local and global market for these enterprises with the aim of achieving the goals of Saudi Vision 2030, he said.
He announced the formation of an executive committee to oversee NUSANED, It comprises the Governor of the Saudi Arabian General Investment Authority, the head of the Local Content and Private Sector Development Unit of the Council of Economic Affairs and Development, the Governor of the Small and Medium Enterprises General Authority, the Deputy Minister for Labor and Social Development for Localization, and the SABIC CEO.
A documentary on SABIC's local content development strategy and its associated future vision was screened at the ceremony.
Uwaidh Al-Harethi, executive vice president, SABIC Innovation and Business Development, highlighted the importance of local content and business development. “LCBDU will play a significant role in helping anyone seeking to establish a business that contributes to the localization of industry locally,” he said, adding that the Unit adopts a business approach. It seeks to integrate the efforts of all relevant entities, governmental and financial institutions and bodies, to support local or external investors.
“This helps ensure that we create a unified and rapid course of investment. And this, of course, requires concerted efforts of all parties, and may require further amendments to the regulations and instructions governing the investment process in this and other sectors — namely more facilities for small and medium enterprises allowing entrepreneurs to start their businesses,” he added.
The NUSANED initiative comprises four main pillars, each representing a stage of building a potential opportunity or idea. The first is Entema, an opportunity gate to originate, receive and analyze investor opportunities evaluating them and determining their feasibility. The second pillar is Da’aem, which reflects the real support that SABIC offers to enable investment opportunities. The third pillar is Investment Funds, where feasible opportunities and financing solutions are identified for commercially feasible projects. The fourth pillar is Muahal, where SABIC develops workforce capabilities to support investors.
At the function, 10 agreements were signed with several bodies with the aim of unifying national efforts and intensive coordination between the public and private sectors to overcome any obstacles that may arise in the way of SABIC’s local content development strategy.
Source: Saudi Gazette
Since SABIC’s founding, its employees have exhibited a remarkable ability to do what others said couldn’t be done.
Ranked among the world’s largest petrochemicals manufacturers, SABIC is a public company based in Riyadh, Saudi Arabia. 70% of the Company’s shares are owned by the Saudi Arabian government, with the remaining 30% publicly traded on the Saudi stock exchange. SABIC began in 1976 by Royal decree and its growth has been nothing short of miraculous. Today, the company has operations in over 50 countries with a global workforce of over 35,000 talented individuals.