Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Mastering innovation is a must for GCC chemicals industry  Join our daily free Newsletter

MENAFN Press - 20/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN Press) Mohammed Al Mady, Chairman of GPCA and Vice President and CEO, SABIC, highlighted the importance of innovation for the Gulf's petrochemicals and chemicals industry on the closing day of the GPCA's inaugural Research & Innovation Summit in Dubai

"The Middle East and particularly the GCC is facing increasing pressure to secure employment for future generations"Recent history has proved that entrenched competitive advantages can fade and that there is little mercy for those who do not get new ones. Innovation has, therefore, become a must to deliver advantages, primarily in technology," Al Mady told the delegates present

Noting that the chemical industry in the Gulf "started late in the innovation game," Al Mady said the region's chemicals industry needs to find ways to gain a competitive edge over its competitors.

"Going forward, the hunger for innovation, technological or otherwise, is here to stay. Today the think tanks for innovation or even for smart practices in technology acquisition remain mostly in other parts of the world. The seed of an idea I would like to leave with you is that, if something is critical for our future competitive advantage, we should master it," Al Mady said

The GCC's petrochemical industry has already made significant progress in the field of innovation with 733 patents granted in 2012, a 36 per cent growth year-on-year. However, regional spending on research and development lags behind Japan, China, the US and the EU, with the GCC spending only 0.8 per cent of the US49 billion global investment in this area

Dr. Ernesto Occhiello, Executive Vice President, Technology and Innovation, SABIC highlighted that successful innovaion can only occur if it is looked at holistically

"Innovation has to be with the whole company, it cannot just be left with the research department"Recruitment is the most important thing management can do; how to develop them and how to find them," said Occhiello

Moving forward, industry experts have predicted that the GCC plastics producers will be at the forefront of innovation within the petrochemical industry. Plastics, also known as polymers, account for nearly a fifth of the GCC's petrochemicals portfolio. According to GPCA estimates, the region's polymer capacity sits at 23.8 million tons, or 18.4% of the Gulf's 129.2 million ton petrochemical production.

"Continuous innovation is driving the rapid growth of the plastics industry," said Dr. Alfred Stern, Executive Vice President, Polyolefins, Borealis. "Plastics give the opportunity to contribute [to solving] the main challenges: climate change, waste and recycling, food, health, energy and water.

The GPCA released the Innovation in the Chemical Industry report during the Research & Innovation Summit. Prepared in collaboration with the international consultancy Stratley, the report provides an overview of innovation in the chemicals industry, and how innovation strategies across operations in an organisation can support sustainable growth

The Research & Innovation Summit featured a total of 165 delegates from the US, Europe, Asia and the GCC. Delegates heard from 23 speakers from 10 countries in sessions focusing on why innovation is important, how to measure returns on research and innovation, how to create an environment for it to prosper and new aspects that are driving research and innovation.

About the Gulf Petrochemicals & Chemicals Association
The Gulf Petrochemicals and Chemicals Association (GPCA) is the voice of the industry in the region. Established as a non-profit organization in March 2006, it is the first trade association in the Gulf and the largest and most respected industry body representing the downstream sector in the Middle East. Today, the association has 232 members from over 30 countries, including the largest Arab world and multinational companies.Committed to providing a regional forum where stakeholders from across the industry share insights, solutions and new ideas, the GPCA has six working committees “ Plastics, Supply Chain, Fertilizers, International Trade, Research and Innovation, and Responsible Care “ and organizes six world-class events each year. The association also publishes an annual report and a regular industry newsletter, Insight and reports. Since its inception, the GPCA has raised the standard for industry-wide cooperation and continues to promote the region and its interests in the international policymaking sphere. Additional information is available at www.gpca.org.ae and the GPCA can also be found on Facebook and Twitter.



  MENA News Headlines
 Oct 25 2016 - Egypt- Motorcycle division seeks audience with presidency after import ban on two-stroke enginesDaily News Egypt
(MENAFN - Daily News Egypt) The Motorcycle Division at the Cairo Chamber of Commerce plans to submit a memorandum to the presidency and the cabinet, objecting to the Ministry of Industry and Trade's ...

 Oct 25 2016 - Egypt- Car market has no spare partsDaily News Egypt
(MENAFN - Daily News Egypt) The appreciation of the US dollar exchange rate against the Egyptian pound over the past few months has led to a lack of spare car parts, exceeding 70% of the market size ...

 Oct 25 2016 - Egypt- Automotive market loses 25.6% of its sales in first 8 months of 2016Daily News Egypt
(MENAFN - Daily News Egypt) Sales in the automotive market continue on their downward journey that began at the end of the last year. The sales figures for the first eight months of this year ...

 Oct 25 2016 - Cisco to Address Importance of Robust Cybersecurity for Financial Institutions at the ISFS 2016 in DohaMENAFN Press
(MENAFN Press) Doha, Qatar, October 25, 2016: Cisco today announced its participation in Qatar Central Bank’s third annual Conference for Information Security in Financial Institutions 2016 (ISFS ...

 Oct 25 2016 - Kuwait to relieve Syrian refugees during winterKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Arwa Al-Wugayyan KUWAIT, Oct 25 (KUNA) -- With the winter onset, Syrian refugees in Lebanon and Jordan will face difficult living conditions but Kuwaiti ...

 Oct 25 2016 - Kuwait- His Highness the Amir heads to Qatar to pay respect to late Sheikh Khalifa Al-ThaniKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah departed to Qatar Tuesday to offer his condolences over the death of late Qatari Father Amir Sheikh ...

 Oct 25 2016 -  Japan extends UN peacekeeping mission in S. SudanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, Oct. 25 (KUNA) -- The Japanese government on Tuesday decided to extend the deployment of Self-Defense Force (SDF) personnel for UN peacekeeping operations ...

 Oct 25 2016 - Kuwait- KUNA main news for Tuesday, Oct 25, 2016Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Local: KUWAIT -- The National Council for Culture Arts and Letters (NCCAL) organizes a meeting for the Islamic heritage committee which is part of the ...

 Oct 25 2016 - Saudi security personnel gunned down in Dammam City - Interior MinistryKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) RIYADH, Oct 25 (KUNA) -- Two security personnel were killed during a mysterious shooting which occurred in the city of Dammam in the eastern province of Saudi ...

 Oct 25 2016 - Some 20 people slightly injured in blast in AntalyaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) ISTANBUL, Oct 25 (KUNA) -- An explosion in the basement of the Chamber of Commerce and Industry center on Tuesday slightly wounded some 20 people in the southern ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help