In a significant move to bolster the Kingdom’s entrepreneurial ecosystem, Saudi petrochemical giant SABIC showcased the impactful results of its national initiative, Nusaned, during the 6th Entrepreneurship Forum. Hosted by King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran, the event centered on the critical role of entrepreneurship in supporting local content and achieving the goals of Saudi Vision 2030.
Nusaned Initiative Generates SAR 8 Billion Impact
Eng. Fuad Musa, Vice President of SABIC’s Local Content and Business Development Unit, revealed that the Nusaned initiative has achieved remarkable milestones since its launch in early 2018. The program has successfully qualified and enabled 43 investors, backing projects valued at SAR 8 billion.
These investments are projected to create approximately 4,000 new jobs, providing a substantial boost to the national economy. Speaking at the forum, Musa highlighted how Nusaned is pivotal in empowering small and medium-sized enterprises (SMEs) to diversify the private sector and strengthen the national economy.
Fostering Innovation Through Strategic Partnerships
SABIC’s participation underscored its strong partnership with KFUPM, a leading academic institution in the region. The collaboration aims to leverage SABIC’s industry expertise to support the university’s role in developing local content and nurturing a new generation of innovators.
During a panel discussion on the role of entrepreneurship in supporting local content, Eng. Fuad Musa detailed SABIC’s strategy. Additionally, Dr. Wajih Marghrabi, Senior Manager of Local Workforce Development, presented the objectives of the joint SABIC-KFUPM program, which is run in partnership with the university’s Entrepreneurship Institute.
From Academia to Incubation
A key highlight of the forum was the graduation of the first cohort of students from the joint SABIC-KFUPM program. Having received specialized training and qualification in investment and project development, a number of these graduates have already had their startup ideas accepted into the Nusaned initiative for further incubation and support.
This direct pathway from education to execution demonstrates a tangible commitment to translating academic knowledge into viable commercial ventures, directly contributing to the Kingdom’s innovation landscape. The forum also featured workshops focused on developing skills in project organization, problem-solving, and attracting investment in key sectors such as energy, water, and information technology.
About SABIC
SABIC (Saudi Basic Industries Corporation) is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high-performance plastics, agri-nutrients and metals. The company supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.
About Nusaned
Nusaned is SABIC’s national initiative aimed at developing local content and promoting investments in Saudi Arabia, in line with Vision 2030. The program provides comprehensive support to entrepreneurs and SMEs through four key portals: “Intimaa” (Affiliation), “Daaem” (Support), “Tamkeen Al-Tamweel” (Financing Enablement), and “Moahal” (Qualified). Nusaned seeks to build a robust local industrial base, create jobs, and foster a culture of innovation within the Kingdom.
Source: Maaal
