SABIC signs MoU with six suppliers to form global business alliances

Saudi Basic Industries Corp (SABIC) signed memorandums of understanding (MoUs) with six multinational suppliers, the chemical producer said in a statement on Thursday.

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 MoUs set out the framework of cooperation between the parties to enable SABIC to seek joint opportunities and achieve top quartile performance in manufacturing, the statement said.

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, it further added.

“At SABIC, we believe in creating smart opportunities and meaningful relationships with companies who 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 megatrends that are transforming our world,” Yousef Al-Benyan, SABIC vice chairman and CEO, said.