Sabic has partnered with nine more global companies to promote the introduction of industry-leading technologies into Saudi Arabia, create new jobs, and help the ongoing localization drive.
During the annual meeting of Sabic Home of Innovation at the Riyadh Techno Valley, the participants were updated on the performance and achievements of the Home of Innovation in 2017, and were briefed on its 2018 strategy. They were introduced to Sabic’s Nusaned initiative, which was launched earlier this year to support Saudi Arabia’s local content development plans and contribute to the realization of Saudi Vision 2030.
Yousef Al-Benyan, Sabic vice chairman and CEO, stressed the importance of the Home of Innovation meeting in enhancing its role as a platform to help localize global technologies and strengthen business relationships to attract both local and global investments.
Al-Benyan added that the success of the initiative can be clearly gauged from the fact that more participants have joined hands with Sabic to contribute towards Saudi Arabia’s aim of transforming into a knowledge economy. This is in line with Sabic's 2025 strategy that views innovation as a key element in developing new businesses and help advance Saudi Arabia’s growth plans, he said.
The meeting discussed the opportunities offered by the Home of Innovation to its global participants, as part of a cooperative matrix involving 42 companies from nine countries. The initiative provides them an attractive investment environment and an opportunity to take part in mega projects in various sectors in Saudi Arabia, such as construction, energy, transportation, and consumer goods.
The new participants later visited the Home of Innovation Demonstration House and learned about advanced energy-efficient solutions that help save up to 40 percent of the energy consumed by it.
Since its launch in May 2016, the Home of Innovation has helped in creating more than 20 investment opportunities. It received more than 4,000 visitors and held more than 30 workshops on key subjects ranging from business, innovation, and investment.