SABIC’s Nusaned Investments Ink Deal

SABIC’s Nusaned Investment^TM have signed an investment agreement, with the Green Kingdom Company for Industry and the Italian company (AMUT), to establish a plant for recycling polyethylene terephthalate (PET) bottles, in Rabigh, through the Nusaned Fund.

Such a step falls in line with its commitment to invest in small and medium-sized industrial firms, and help the Kingdom achieve the Vision 2030 goals,

The business will generate recycled PET flakes for food consumption, as part of the new cooperation, which will service both the local and worldwide markets.

Faisal Al-Behair, CEO of Nusaned Investment^TM, expressed his pride in the company’s efforts to document strategic alignment, with the Kingdom goals as well as the goals of SABIC to support local content and help the Kingdom’s competitiveness at a global level, stressing that this achievement supports SABIC’s commitment to instilling the concept of a circular economy.

Expressing his belief that investing in the PET bottle recycling plant will bring economic benefits to the Kingdom, Fahd Al-Naeem, Chief Investment Officer, at Nusaned Investment^TM, noted that encouraging such investments will help the Kingdom achieve its goal of becoming a major export hub, around the globe.

The deal with with AMUT, according to Eng. Qassem Saleh Al-Sheikh, Chairman of the Board of Directors of the Green Kingdom of Industry, would assist the firm in cementing its position locally, open doors to worldwide markets, and fund its future expansion in this area.

It would also supports and facilitates realizing the Kingdom’s national industrial policy, as this is the company’s 6th agreement since its founding in late 2018, to assist in boosting local content and achieve national economic diversification goals.

Nusaned Investments^TM is continually creating new strategic alliances and partnering with the government sector and local regulators, in order to increase its network of relationships and strengthen market position.