Riyadh, May 18, 2013

The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18. Dr. Tawfiq Al-Rabiah, Minister of Commerce and Industry and Chairman of the Saudi Industrial Property Authority (MODON), who presided over the ceremony, presented an honorary plaque to SABIC, received by Dr. Fahad Al-Khodairi, General Manager, Technology Management, Polymers SBU, in recognition of the company's support.

MODON has instituted the award with a million Saudi riyals for the three best ideas for new industrial ventures. MODON will partly bear the cost of construction and equipment for implementing the ideas, besides providing a range of facilities and incentives for investors in these projects.

Commenting on SABIC's sponsorship, Mohamed Al-Mady, SABIC Vice Chairman and CEO, said, "SABIC seeks to broaden and diversify its activities related to its Corporate Social Responsibility strategy in support of developing national industries. The Industrial Innovation Award motivates innovation in society for novel industrial projects, and encourages partnership between the community and specialized agencies to turn basic ideas into definite projects."

Al-Mady added, "What distinguishes the award is its primary focus on small enterprises and budding entrepreneurs. This approach is closely aligned with SABIC's social responsibility strategy that aims to boost jobs for citizens by strongly supporting the founding of a strong industrial base in Saudi Arabia."

Besides its fundamental goal of encouraging innovative ideas, the Industrial Innovation Award seeks to strengthen relations between the industrial sector and the scientific, academic and funding institutions. Moreover, it seeks to direct media attention on events that serve the community, and attract public interest in industrial projects through several communication channels.

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About SABIC
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.

SABIC recorded a net profit of SR 24.72 billion (US$ 6.59 billion) in 2012. Sales revenues for 2012 totaled SR 189 billion (US$ 50.40 billion). Total assets stood at SR 338 billion (US$ 90.13 billion) at the end of 2012.

SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India, China and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.

SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.

© Press Release 2013