At the FII forum in Riyadh, Saudi Basic Industries Corporation (SABIC), SCHMID Group and RIWAQ announced their collaboration for establishing a KSA-based joint venture with the support of SABIC NATIONAL initiative ‘Nusaned’ focusing on manufacturing and technology development in the fields of advanced silicon materials and large-scale energy storage solutions utilising SCHMID’s redox flow technology, for which the companies signed a Memorandum of Understanding (MoU).
With an estimated total investment of more than $430mn, the joint venture mission is fully aligned with KSA’s Vision 2030 and National Industrial Strategy to develop value chain silicon and high-tech industries in the kingdom.
Christian Schmid, president and CEO of SCHMID Group, said: “Saudi Arabia’s strategic vision to enable establishment of a globally leading local industry focusing on future oriented segments provides an excellent growth platform for technology-oriented companies. SCHMID is proud to have the opportunity of partnering with a KSA-based global leader like SABIC. We are confident that the possibilities enabled with this partnership will significantly contribute to the realisation of our joint target of creating a KSA-based global champion.”
Mohammed S Bajba, vice chairman and managing director, RIWAQ, said: “We are very proud to actively participate in establishing a unique and strategic anchor project that will contribute to the kingdom’s economy. The intended projects will create high technical skills jobs and related culture in my country and contribute to the whole world.”
Headquartered in Riyadh, SABIC is one of the top three largest global chemical companies with more than 40 years of organic and inorganic growth. SABIC has global footprint serving its clients in 100 countries while operating in 50 countries across Americas, Europe, Middle East, Africa and Asia-Pacific.
RIWAQ is a company based in KSA and active in the field of industrial project development, focusing in strategic sectors that capitalise on Saudi Arabia’s valuable raw materials and future industries.
Founded in 1864, SCHMID Group is a technology leader in the electronics, photovoltaics and energy storage markets, offering customers innovative systems and automation solutions that address their production requirements. SCHMID Group, with its headquarters in Freudenstadt, Germany, has 1,000 employees globally. The group owns technology centres and manufacturing sites in Germany, China, Turkey and the USA, and supports customers with more than 17 worldwide sales and service locations.
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