DUBAI: The investment arm of Saudi Basic Industries Corp. (SABIC) has signed an agreement to invest in a company manufacturing personal protective equipment (PPE).
Nusaned Investment’s mandate is to invest in emerging technologies in the Kingdom and increase SABIC’s support for small and medium-sized firms in the country’s industrial sector.
The latest agreement with Abdul Aziz and Brothers Co. (A&BC) will see it invest in a new manufacturing facility in Jubail, which will specialize in the production of PPE, specifically helmets, protective glasses, and cut-resistant gloves for the industrial and construction sectors.
A&BC is one of the first local producers of PPE in the Kingdom.
In a statement on Monday, Faisal Al-Bahair, chief executive officer of Nusaned Investment, said: “The investment agreement is in line with Nusaned Investment guidelines and aligns with SABIC’s localization program as it presents a great import substitution opportunity in the personal protective equipment and high localization potential enabling one of the objectives of Saudi Vision 2030.”
Nusaned Investment’s chief investment officer, Fahad Al-Naeem, said: “The Saudi PPE market is valued at around SR1.46 billion ($389 million) with insufficient local production to meet the growing demand for helmets, gloves, or glasses.
“This agreement will make a notable contribution to local content, serving the economic diversification objectives of the Kingdom.”
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