The first agreement is to construct a new waterborne polymer facility, valued at more than $100 million, to produce coatings emulsion polymers plus polyacrylate dispersant polymers for water treatment and consumer applications.
The firm also signed a memorandum of understanding (MoU) for a feasibility study related to a proposed investment in Dow's Performance Chemicals franchise.
Located in the PlasChem Park in Jubail, the coatings facility will service the needs of the Saudi Arabian market with a range of acrylic-based polymers for industrial and architectural coatings and water-treatment and detergent applications.
Production is tentatively being planned by 2022, though actual timing will be determined by potential synergies with other construction projects, the report added.
The MoU is still in the preliminary stages, and defining capital requirements would be premature, the report said quoting a company official.
The proposed silicones investment will include constructing a fully-integrated siloxanes and high-performance silicones complex geared toward markets and industries such as home and personal care, automotive, high-performance building and construction, solar energy, medical devices, and oil and gas.
When complete, the complex will support the economic impact of Saudi Arabia through the creation of about 350 full-time, technology-skilled jobs.
Dow also aims to tap into a highly localised market in the region, personal care with its new hybrid silicone solutions.
The company was recently awarded the contract for supply of silicones sealants for the structural glazing façade of the Jeddah Tower.