The company, which operates in more than 50 countries, contributed to high-level keynote talks and highlighted the role of large companies in enabling SMEs, being vital pillars of economic growth.
Moreover, Fuad Mosa, vice president, local content and business development unit, participated in panel discussions on the ‘Trends and Opportunities Driving Innovation-based SME Growth’.
The two-day US-Saudi SME Forum was organised by US-Saudi Arabian Business Council in Los Angeles, California, during 1-2 October. Held under the theme, ‘Accelerating Growth and International Partnerships’, the event facilitated new conversations between entrepreneurs, senior American and Saudi officials, corporate leaders and stakeholders in the SME ecosystem.
The forum also sought to enhance SME competitiveness in local and international markets by granting serious entrepreneurs access to counsel and business opportunities with world leading multinational businesses. As part of interactive training sessions called ‘SME Boot Camp’, participants had an opportunity to consider and develop a response to a real-world challenge faced by SABIC.
“This event highlights the rich potential for American and Saudi businesses to work closer together and unlock new opportunities in each market. For more than three decades, strategic partnerships across both regions have enabled SABIC to grow and helped establish a flourishing downstream sector. We hope this event inspires ambitious SMEs from the US and Saudi Arabia to come together and improve competitiveness,” said Mosa.
Supporting and enabling SMEs is a strategic objective of SABIC’s Local Content and Business Development Unit (LCBDU), which aims to position SABIC as a key enabler of Saudi Vision 2030. The LCBDU leads SABIC’s national initiative NUSANED, an integrated localisation engine that empowers collaboration between the SMEs, large multinationals and the government in Saudi Arabia by supporting the national industrial sector and, allowing national companies to become global.
The LCBDU provides opportunities for investors, especially young people and entrepreneurs, who wish to develop their businesses in innovative and leading industrial sectors. It further works to raise the level of localisation of industrial technologies, create new jobs and increase the volume of Saudi exports.
The forum included more than 40 SMEs, all of which have achieved high business milestones, are growing rapidly and are preparing to expand into the Saudi, or the US markets. The agenda featured a bold format presenting world-recognised keynotes, panellists and presenters, as well as interactive breakout sessions, which addressed the barriers and opportunities for SMEs.
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