Business & Money | Friday 30 November, 2018 3:49 am |

Saudi Basic Industries Corporation (SABIC) announced on Thursday that it has signed memorandums of understanding (MoUs) with six multinational suppliers.

According to a statement issued by the petrochemical giant, 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 Saudi Press Agency reported.

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 added.

SABIC Vice Chairman and CEO Yousef Al-Benyan said: “At SABIC, we believe in creating smart opportunities and meaningful relationships with companies that 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.”