Sabic’️s national initiative to add $1.6bn to GDP

Sabic’️s national initiative to add $1.6bn to GDP

Sabic's national initiative Nusaned qualified 40 entrepreneurs to invest in the Saudi market and announced a series of projects that will contribute SR6.1 billion ($1.6 billion) to GDP and create 3,149 jobs.

The announcements were made during the Nusaned Executive Council's recent sixth meeting at Sabic headquarters in Riyadh during which several agreements and MoUs with local and international companies were also signed.

The agreements with chambers of commerce and industry of various regions in the Kingdom are aimed at increasing the localization of jobs and raising the percentage of women's participation in the labour market. Other agreements with international companies are meant to attract investment in the fields of innovation, electricity, engineering consulting, renewable energy and localization of technologies in the industrial field.

A new patent registered by the Global Company for Downstream Industries (GDI), a leading Saudi company, was also announced during the meeting. The GDI in cooperation with the German company "Evonik" developed a new technology for multi-purpose isopropyl alcohol production, which will drive sustainability in local markets by achieving self-sufficiency and increasing the Kingdom's exports.

Moreover, 85 female graduates with a bachelor's degree in chemistry were honoured after they completed an intensive training program launched in cooperation with the High