SABIC’s participation in the Shareek program highlights the company’s commitment to enhancing partnerships with the private sector and supporting sustainable growth in the national economy.
The program, launched by Crown Prince Mohammed bin Salman bin Abdulaziz, aims to develop public-private partnerships and build a prosperous national economy by attracting investments and developing industries associated with oil and gas.
SABIC’s announcement to manufacture catalysts in Saudi Arabia is a strategic move towards making the country a hub for specialized materials, in line with the national industrial strategy. The project aims to improve the competitiveness of the energy sector, develop industries associated with oil and gas, and raise the level of local content. This investment in catalysts is expected to help the company reach its carbon neutrality targets by 2050 and secure its supply chain.
SABIC’s two-stage approach towards manufacturing catalysts is based on knowledge acquisition, the application of the latest technologies, and making improvements to them before localization. The first stage involved the acquisition of Scientific Design and securing a key catalyst used by SABIC for glycol manufacturing. The second stage involves the construction of three new plants for catalysts used in the manufacture of polymers and chemicals. The company is collaborating with Shareek to identify the most important enablers and drivers to build the catalyst industry in the Kingdom.
Overall, SABIC’s participation in the Shareek program and its investment in catalysts reflects the company’s commitment to supporting the national economy and enhancing partnerships with the private sector.
By collaborating with Shareek, SABIC is taking steps towards building the catalyst industry in Saudi Arabia, making it a hub for specialized materials and advancing industrial advancements as envisioned in Saudi Vision 2030.