Saudi- SABIC creates 'enormous value' for Kingdom

(MENAFN- Arab News) The enormous benefits of SABIC to the Kingdom of Saudi Arabia include the creation of high-quality jobs development of technology and opportunities for service industries said Mohamed Al-Mady the company's vice chairman and CEO at a major international forum in Riyadh.'The petrochemicals industry has played a significant role in creating enormous value for the Kingdom of Saudi Arabia in the last 40 years' Al-Mady said during a keynote speech at the Global Competitiveness Forum taking place from January 26 to 27. The most eloquent testimony to the value the petrochemical industry brings to Saudi Arabia is the additional national wealth it generates as opposed to simply exporting feedstock he said. 'Had Saudi Arabia's leaders made a different choice in 1976 and elected not to create a petrochemicals industry the country would have foregone an opportunity' he said. Society gains through benefits to Saudis and Saudi entities and disbursements to the service sector including insurance banking and logistics companies he said.'But the most tangible evidence of the sector's value to Saudi Arabia is in the jobs we create' he said. Petrochemicals directly employs 35000 people in the Kingdom and creates an estimated 280000 local jobs.'All this comes as a result of harnessing the sources of competitiveness' he said. The three pillars of competitiveness that have enabled SABIC to grow 'from humble beginnings into a global challenger' are leadership support high-value business chains and innovation and sustainability. 'Our early leaders formed the company's strong values instilling in us belief commitment and integrity from the very beginning. The collective values they have inspired in us can be summed up in integrity and loyalty; commitment and honesty; and determination and respect' he said.In addition to competitively priced feedstock support to the petrochemical industry includes investment in infrastructure funds through initiatives aimed at growing and diversifying the economy and financial support for human resources rural areas and small and medium sized enterprises he said.The second pillar value chains are also generating jobs and opportunities throughout the Kingdom he said estimating that 'the Saudi petrochemicals industry has already created more than 50 value chains and is committed to generating more.'Lastly the company's efforts to innovate include the SABIC Plastics Application Development Center (SPADC) which employs 180 scientists and brings capabilities in application design and testing to customers in the Kingdom and the Home of Innovation a focal point for customer collaboration that helps SABIC identify technology partners.'Obviously all of this requires a strong focus on talent' he said. 'We are helping create quality employment for Saudi citizens by driving these innovation initiatives and developing these innovation solutions right here in the Kingdom.'He said: 'So long as we continue honing our competitive edge I see no limit to what we can achieve.'SABIC is a Competitive Partner of the Global Competitiveness Forum.Saudi Basic Industries Corporation (SABIC) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene polypropylene and other advanced thermoplastics glycols methanol and fertilizers.