Riyadh - Asharq Al-Awsat

Saudi Basic Industries Corporation (SABIC) announced on Thursday in Riyadh that it has signed memorandums of understanding (MoUs) with six multinational suppliers.

According to a statement, the suppliers include German conglomerate Siemens, Swiss technology firm ABB, US-Japanese manufacturer Elliott Group, two Japan-based engineering companies Yokogawa and Mitsubishi, and US manufacturer Emerson.

The strategic purpose of these alliances is to support Saudi Vision 2030 by stimulating national economy and local content, achieve industry-leading performance, leverage technology innovation, enhance knowledge sharing and identification of lucrative opportunities with market-leading organizations.

Yousef Al-Benyan, Vice Chairman and CEO of SABIC, said: “At SABIC, we believe in creating smart opportunities and meaningful relationships with companies that can help drive positive sustainable strategic change within our business and the wider community. Our focus is on connecting and collaborating with organizations to influence the mega-trends that are transforming our world.”

Benyan stated that this introduces a new phase in the firm’s ties with six of the key and globally leading companies. This event also bolsters SABIC’s efforts to become the top global supplier of petrochemicals.

SABIC mentioned that innovation in its various sectors supports a group of pioneering global solutions and commodities, noting that its strategy focuses on reinforcing cooperation with pioneering firms in the market that might provide the kingdom and SABIC with long-term growth opportunities.