The Saudi Aramco Entrepreneurship Center Company (Wa’ed) concluded an agreement with Sadara Chemical Company to promote small and medium projects. Under the deal, Wa’ed will encourage local small and medium projects in order take advantage of the investment opportunities at the new petrochemical and plastic complex (PlasChem Park), which is under construction near the integrated Sadara chemicals complex in Jubail Industrial City II.
The PlasChem would be a cooperative initiative between Sadara and the Royal Commission for Jubail and Yanbu with the objective of establishing a world scale complex for chemical and downstream industries in Jubail.
As per the agreement, Wa’ed will promote investment opportunities in the new industrial complex (PlasChem), and will take part indirectly in developing more investment opportunities through coordination with prominent businessmen who made investments in the complex. This initiative would spur establishment of independent petrochemical projects in the Kingdom. PlasChem aims to attract projects for the manufacturing of various plastic and chemical products, in addition to creating jobs for skilled Saudi workers and utilizing new technologies.
Wa’ed, wholly owned by Saudi Aramco, was established recently to be a major financer and incubator of new businesses in the Kingdom. It sheds light on the investment opportunities available in the local economy to small investors as well as to entrepreneurs of medium projects.
It is noteworthy that Sadara Chemical Complex, a joint venture between Aramco and the leading global firm Dow Chemical Company, has 26 manufacturing units and is world’s one of the largest integrated chemical complexes.