Social and Relationship Capital – Vision 2030

TOWARD SAUDI VISION 2030

We are committed to the ambitious goals of Saudi Vision 2030 through NUSANED™, our pioneering local-content initiative designed to strengthen the local manufacturing base, diversify the national economy and create jobs. NUSANED™ brings together the public and private sectors in an effort to help small and medium sized enterprises (SMEs) get started, and enable more established SMEs grow and scale. Ultimately, NUSANED™ aims to reduce dependency on foreign imports by helping local businesses grow and thrive.

NUSANED™ provides 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.

In 2022, the initiative continued to capitalize on strategic partnerships that enable, support and facilitate industrial investments, while developing skillsets and employment options that can bolster the Saudi local industry and overall national progress. Over the year, 51 investors graduated, which is the highest-ever since the establishment of the initiative.

Moreover, the Nusaned Investment Company established its second fund, Nusaned Fund II, with SAR 750 million managed by SNB Capital.

We also reached out to Saudi manufacturers in our supply chain who can produce goods SABIC is currently importing in high volumes from international suppliers. These are goods SABIC believes can be manufactured in Saudi Arabia by Saudi SMEs if they get the relevant support.

With the aim of increasing women’s participation and advancement in the labor market, our ExSABIC program provides on-the-job training at SABIC sites and affiliates in Saudi Arabia for women working in several national companies. The six-month training covers areas such as human resources, finance, information technology, technology and innovation, procurement, supply chain and local content. The fourth batch of ExSABIC started training in September 2022.