Saudi Basic Industries : Nusaned Investment™ signs deal to promote local production of plastic pallets

Nusaned Investment™, an investment company fully owned by SABIC with a mandate to invest in industrial SMEs and increase local content in the Kingdom's industrial sector, signed an investment agreement with Saudi Pallet Manufacturing Company (SPMC) to promote the local production of plastic pallets.

The agreement between Nusaned Investment™ in partnership with Nusaned Fund, managed by Albilad Capital, and SPMC will further strengthen the Company's position, accelerate its product development, ramp-up production, and expand its product reach regionally and globally. The deal is expected to increase local content and exports in the logistics sector, support the circular economy and reinforce the KSA position in the regional and global logistics market.

SPMC has been operating a manufacturing facility in Dammam since 2015 that produces plastic pallets using a cutting edge molding technologies. The pallets produced by SPMC serve the logistics industry in the Fast Moving Consumer Goods (FMCG). SPMC plans to serve the ever growing local market as well as expand its addressable markets to Europe and North America leveraging on the KSA's geographical advantage and its fast growing industrial capabilities.

The investment agreement exemplifies the partnership to promote innovative technology and utilize local resources support the efforts in realizing the objectives of the National Industrial Development and Logistics Program (NIDLP), the most impactful Saudi Vision 2030 Realization Program, to transform the Kingdom into a leading industrial powerhouse and a global logistics hub,' said Faisal Albahair, CEO, Nusaned Investment™, and Nusaned Fund Chairman.

'The partnership with SABIC will enable SPMC to serve the Fast Moving Consumer Goods market by producing technologically advanced and patented multi-use plastic pallets from its manufacturing facility in Dammam, said Omar AlShawaf, CEO, SPMC.