Riyadh – Mubasher: Saudi Basic Industries Corp. (SABIC) has announced establishing a new subsidiary, named SABIC Investment and Local Content Development Company, with investments of as much as SAR 500 million to develop local industry.
SABIC also signed a cooperation agreement with Small & Medium Enterprises General Authority (Monsha’at) and the National Commercial Bank (NCB) to be the first two partners in the new unit, according to the Saudi Press Agency (SPA).
On a related note, SABIC’s subsidiary will cooperate with the public and private sectors to support the Kingdom’s industry as part of achieving Saudi Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
SABIC last reported a 5.35% growth in profits after calculating Zakat and Tax in the third quarter of 2018, reaching SAR 6.1 billion, compared to SAR 5.79 billion during Q3-17.
The Saudi petrochemicals firm's profit jumped 24.23% to SAR 18.3 billion during H1-18, from SAR 14.73 billion in H1-17.
By 11:39 am Saudi time, SABIC’s stock inched down 0.16% to reach SAR 126.60.
