TOWARD SAUDI VISION 2030: DRIVING LOCAL CONTENT

Although SABIC is a global business, we are committed to nurturing our roots in Saudi Arabia. By developing and investing in local content initiatives such as NUSANED™, and partnering with government programs like Shareek, we support Saudi Vision 2030's bold economic transformation plan to drive economic diversification and reduce import dependency.

NUSANED™

Through our flagship local content initiative NUSANED™, launched in 2018, SABIC has been bringing together the public and private sectors in an effort to help SMEs get started and grow. NUSANED™ provides opportunities for investors, especially young people and entrepreneurs, who want to develop their businesses in innovative and leading industrial sectors. It further aims to raise the level of localization of industrial technologies, enabling the creation of new jobs and increasing the volume of Saudi exports. In addition, SABIC’s global partnerships and presence attracts international investments and expertise to Saudi Arabia, enhancing the capabilities of local industries to grow and compete.

SABIC AND THE SHAREEK PROGRAM

Launched in March 2021 by His Royal Highness the Crown Prince, the Shareek program is an initiative to develop strong partnerships between the public and private sector (both listed and non-listed companies) to build the national economy and support sustainable growth.

The objective is to encourage large companies in Saudi Arabia to invest in local enterprises in a manner that benefits SMEs and other business operations in the entire economic ecosystem to reach US$ 1.3 Tn. in domestic investments by 2030.

SABIC has been engaged with Shareek since the program commenced. The partnership will play a big role in the next phase of SABIC's growth as it targets collaborations for initiatives within Petrochemicals, Specialties, and Agri-Nutrients. Having signed the framework agreement in the first quarter of 2023, the first project will be manufacturing catalysts hubs to transform Saudi Arabia into a center for specialized materials in line with the National Industrial Strategy.

As the country presently relies on catalyst imports to a large extent, this strategic project will help secure the needs of the petrochemical manufacturers in the region, raising both operational and energy efficiency while helping SABIC reach its carbon neutrality targets by 2050.

The word “Shareek” in Arabic means partner, an ideal embodiment of the spirit of public and private sector collaboration invigorating the program. In serving Saudi Vision 2030 goals, Shareek hopes to accelerate business expansion, broaden the country's economy, increase the private sector's contribution to GDP, and create new jobs.

_{Disclaimer: This abridged interactive version of the SABIC Integrated Annual Report 2023 is based on the original PDF report published on this website. In case of any discrepancy, the original PDF report will prevail.}