Petrochemical
Nusaned to set up a PET recycling plant in Rabigh
Under the new partnership, the plant will produce recycled PET flakes for food-grade usage to serve the local and Global markets
- By ICN Bureau
| November 24, 2021
Nusaned Investment a wholly-owned subsidiary of SABIC that operates as an autonomous investment company, has signed an investment agreement through Nusaned Fund, managed by Al-Bilad Capital, with Green Kingdom Industries (GKI) and Italian Industrial group (AMUT) to set up a PET recycling plant in Rabigh, as part of its commitment to invest in industrial SMEs and contribute to the successful achievement of Vision 2030.
Under the new partnership, the plant will produce recycled PET flakes for food-grade usage to serve the local and Global markets.
Faisal Al-Bahair, CEO, Nusaned Investment, said: “We are proud of achieving another milestone in our efforts to align strategically with the objectives of Saudi Arabia as well as SABIC to support local content and enhancing the Kingdom’s competiveness globally. It also support SABIC’s commitment to establish a circular economy and meeting its wider sustainability goals.”
Fahad AlNaeem, Chief Investment Officer, Nusaned Investment, commented: “We are confident that our investment in the PET recycling plant will bring economic value to Saudi Arabia. We are hopeful of more such investments that help the Kingdom’s transformation into an important export hub.”
Gasem AlShiekh, Chairman of the Board, Green Kingdom Industries, commented: “The agreement with Nusaned Investment and AMUT will help Green Kingdom Industries establish its local presence, open doors to access the global market, and fund its future growth.”
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