SABIC Extends MoU with SALIC for Two Years

SABIC announced its agreement with the Saudi Agricultural and Livestock Investment Company (SALIC) to extend the Memorandum of Understanding (MoU) signed between them for two years from the expiration date of the MoU, reported Argaam.

In a statement on Tadawul, the company added that the MoU aims to explore joint global commercial and innovative opportunities to achieve food security and address the increasing environmental challenges.

The company mentioned that the delay was due to the ongoing work. Moreover, it noted that there is no significant financial impact from extending the MoU, and it does not affect the company’s financial statements.

Transferring Expertise to Saudi Companies

Last November, Sabic signed three cooperation agreements with the Ministry of Health and King Faisal Specialist Hospital and Research Center. The parties signed the agreements on the sidelines of the “Global Health Forum 2023” held under the theme “Invest in Health” from October 29 to October 31 2023.

Enhancing Saudi Sectors

Abdulaziz bin Ali Al-Oudan, Sabic’s Executive Vice President of Shared Services, stated these agreements aim to transfer expertise to Saudi national companies. This will contribute to the development of various sectors in the Kingdom.

Naif Al-Ayed, Vice President of Local Content and Business Development at Sabic, mentioned that the company’s national initiative (Nusaned TM) seeks to achieve the goals of Saudi Vision 2030.

The agreements reflect the company’s commitment to enhancing local content and supporting national industries and local manufacturers, especially in the healthcare sector, a key focus area for Sabic’s solutions.

Sabic at Glance

Since its establishment in 1976 through a royal decree, Sabic has consistently achieved what  others deemed impossible. As one of the largest petrochemical manufacturers globally, the company is a publicly listed company headquartered in Riyadh, Saudi Arabia. Saudi Aramco holds 70% of its shares, while the remaining 30% are traded on the Saudi stock exchange. The company’s expansion has been extraordinary. Presently, it operates in about 50 countries and employs a skilled workforce exceeding 31,000.

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