Saudi Basic Industries Corporation (SABIC) has revealed that it has signed two memorandums of understanding (MoU) with RIWAQ Industrial Development and Germany’s SCHMID, for the construction of two silicon plants in Saudi Arabia’s Jubail Industrial City. The project is valued at Saudi Riyal (SR) 1.6 billion or U.S.$427 million, the company informed in its statement. According to the Saudi petrochemicals giant, the project would be helping to strengthen its intended push for developing downstream industries in Saudi Arabia and bring foreign investment into the country. End markets for silicon reportedly include electronics, batteries, solar cells and the semiconductors industry. SABIC has also mentioned it had committed to a R4bn project for providing a portion of the raw materials required as a part of a project agreement inked with Chinese company Pan Asia PET. The project is going to be launched by the company in the Jazan Industrial City, Saudi Arabia. Yousef bin Abdullah Al-Benyan, CEO of SABIC, was quoted saying it is a part of SABIC’s commitment towards localizing knowledge, industry and technology. The company also aims to maximize the inflow of foreign investment and local content under its responsibilities to enable the Saudi Vision 2030, he added. The Vision 2030, for the uninitiated, was presented in 2016 by Saudi Arabias government as a part of its efforts to shift its economy to more downstream industries and away from crude oil production. Al-Benyan assured that all of SABIC’s strategies have been aligned to aid the transformation and growth programs for achieving national development priorities. The SR1.6 billion Jubail project would be using SABIC materials to localize the technology and is expected to provide direct employment to 1,000 people. Experts believe the Jubail projects will enable the growth of support industries that generate investments on a large scale along with creating huge number of medium and high level jobs.