Saudi Basic Industries : SABIC Signs MOU with Yanbu Chamber of Commerce to Promote Local Content

SABIC signed a Memorandum of Understanding (MoU) with the Yanbu Chamber of Commerce and Industry to continue enabling the objectives of local content, business development and technology transfer.

The MoU was signed at Yanbu Chamber headquarters on May 23 in the presence of Prince Saud bin Khalid Al-Faisal, Deputy Governor of the Madinah region.

The MoU was signed by Eng. Abdullah Saif Al-Araifi, Vice President, SABIC's Local Content and Business Development Unit, and Ahmed bin Salem Al-Shaghdali, Chairman of the Board of Directors of Yanbu Chamber, in the presence of a number of officials from SABIC and Yanbu Chamber.

It is meant to promote cooperation to develop local content initiatives in targeted sectors, promote job creation, localize industries and technologies, and share expertise.

The signing of the MOU with the Yanbu Chamber demonstrates the commitment of SABIC - through its Nusaned™ initiative - to support the national workforce and competencies and develop local content to promote the national industry in the Kingdom. The aim includes creating job opportunities, developing innovation and advancing industrial production, which eventually contributes to achieving the goals of the Saudi 2030 Vision.

The MoU sheds light on the various initiatives and investments introduced by SABIC to serve the community by training and empowering the youth and developing the efficiency of the Saudi workforce and entrepreneurs. It is also a part of SABIC's national initiative (Nusaned™), which is meant to support small and medium-sized local manufacturing companies to contribute to developing local content.