Nusaned Investment, a Sabic initiative to support local entrepreneurial activity, has signed a deal with Suhul Alkhalej for Industrial Development & Investment Co. The new venture will own and operate a factory to manufacture wood-plastic composite (WPC) profiles for decking and cladding, WPC sheets, WPC doors and un-plasticized polyvinyl chloride (uPVC) profiles for windows and doors.
The deal between Nusaned Investment, through the Nusaned Fund managed by Albilad Capital, and Suhul Alkhalej factory will use eco-friendly compounds made from Sabic’s raw materials.
“The new venture fulfills Nusaned Investment’s mandate of investing in industrial SMEs in the kingdom,” said Faisal Al-Bahair, Vice President, Local Content & Business Development Unit, and CEO of Nusaned Investment. “It contributes to local content initiatives and business growth through export opportunities, all of which serve the economic diversification objectives of Saudi Vision 2030.
“The venture will be using polymer products as raw materials promoting sustainability and downstream initiatives. The manufactured products are also a good fit for Sabic’s Home of Innovation portfolio,” he added.