SABIC’s Nusaned inks deal to manufacture sustainable wood plastic composites

Nusaned Investment, owned by Saudi Basic Industries Corp (SABIC), signed a deal with Suhul Alkhalej for Industrial Development and Investment Company (Suhul Alkhalej), it said in a statement.

The new venture will own and operate a factory to manufacture wood-plastic composite (WPC) profiles for decking and cladding, WPC sheets, WPC doors and unplasticized polyvinyl chloride (uPVC) profiles for windows and doors.

“The new venture will contribute to local content initiatives and business growth through export opportunities, all of which serve the economic diversification objectives of Vision 2030,” Faisal Al-Bahair, VP, Local Content & Business Development Unit and CEO of Nusaned Investment, said.

The deal between Nusaned Investment, through Nusaned Fund managed by Albilad Capital, and Suhul Alkhalej factory will use eco-friendly compounds using SABIC raw materials, making the products more energy efficient than the traditional construction materials delivering Chemistry that Matters.

This is the second transaction of Nusaned Investment, along with the joint venture transaction with SCHMID Group in June 2020 focusing on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB) after receiving all required regulatory approvals and satisfying all closing conditions.