Saudi Aramco, Sadara Sign Promotional Agreement
| June 26, 2012 – The Saudi Aramco Entrepreneurship Center Company Limited (Wa’ed) has signed an agreement with Sadara Chemical Company (Sadara), a joint venture between Saudi Aramco and The Dow Chemical Corporation, to promote the new petrochemicals and plastic complex (PlasChem Park) in Jubail Industrial City II. Under the agreement, Wa’ed will promote investment opportunities in PlasChem Park to small and medium-sized companies, as well as small investors and entrepreneurs. Wa’ed’s goal is to increase the number of independent petrochemicals projects and investments in Saudi Arabia. PlasChem Park, a cooperative initiative between Sadara and the Royal Commission of Jubail and Yanbu, will produce various petrochemicals products for several industries such as construction products, automotive components, packaging products, electronics products, textiles, and paints. PlasChem Park aims to attract projects for the manufacturing of plastic and chemical products while creating jobs for Saudi workers. Wa’ed, a wholly-owned company by Saudi Aramco, is a newly established financer and incubator for new businesses in Saudi Arabia. Wa’ed assists Saudi investors by guiding them through different investment opportunities that are available in Saudi Arabia. |