SABIC’s Korean JV to invest $150m to produce high-value chemical products 

SSNC will invest around 200 billion South Korean won ($150 million) through its subsidiary Korea Nexlene by July 2024. 
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Updated 23 August 2022
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SABIC’s Korean JV to invest $150m to produce high-value chemical products 

RIYADH: SABIC SK Nexlene Co., a joint venture between Saudi Basic Industries Corp. and SK Geo Centric, have entered into an agreement with the Ulsan Metropolitan City in South Korea to invest in the construction and expansion of high-value chemical products plants.

The 50:50 joint venture SSNC will expand production lines of polyolefin elastomers, also known as POEs. These plants are expected produce high-value materials that are used in cars and solar panel films. This will help reduce the usage of plastics while positively impacting the environment, it said.

SSNC will invest around 200 billion South Korean won ($150 million) through its subsidiary Korea Nexlene by July 2024. 

Since its formation in 2015, SSNC has invested $450 million in Korea Nexlene, and it has been annually producing 210,000 tons of Nexlene products. 

Upon expansion, the capacity is expected to increase by 43 percent, reaching over 300,000 tons – 90 of which will be exported. 

“Nexlene’s self-developed high-value products are used in automotive lightweight materials, solar panels materials, medical packing materials, and so on. Therefore, we are glad to announce this investment, which will enable us to take the lead in global supply,” said Kim Jong-yl, CEO of Korea Nexlene. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.