SABIC Home of Innovation™ Annual Meeting of Participants Welcomes Nine New Global Companies to Help Promote Localization

SABIC Home of Innovation™ held its annual meeting of participants in Riyadh on May 10, when nine more global companies entered into strategic relationships with SABIC to promote the introduction of industry-leading technologies into Saudi Arabia, create new jobs, and help the ongoing localization drive.

During the meeting, which was held 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.