02 May 2013
Saudi Basic Industries Corporation (SABIC) is likely to substantially advance its reach into new markets in the coming years while building enhanced capabilities to further its global growth, says a top global management consulting firm.
SABIC has been honored by The Boston Consulting Group (BCG) for their globalization achievements with a 'BCG 2013 Global Challengers' Award, according to a statement received here.
"With more than $ 50 billion in revenues and 40,000 employees globally, SABIC has become a well-established brand in the global chemicals industry," Thomas Bradtke, partner and managing director in BCG's Dubai office and originator of BCG's Global Challenger report series, was quoted as saying in the statement.
An official awards ceremony was held at SABIC headquarters, Riyadh, where Bradtke presented the award to Mohamed Al-Mady, vice chairman and CEO of SABIC.
The ceremony was also attended by members of SABIC's global executive leadership team.
Since 2006, BCG annually identifies the top 100 emerging market companies that are developing very quickly with the potential to reshape industries and surpass many traditional multinational companies. These 100 companies make up BCG's 'Global Challenger' list.
"We are delighted to present this award to SABIC for achieving their status as Global Challenger once again," said Thomas Bradtke.
"The company has thrived under Al-Mady's leadership and vision, and continues to impress with its global scale, fast growing international market positions, and strong reputation for operational excellence," said Bradtke.
Mohamed Al-Mady said: "SABIC has become a cornerstone not only of the Kingdom's economy, but has come to play an instrumental role in the global playing field."
He added: "We are honored to be recognized by BCG for our contribution to the industry and the global economy, and will continue to grow our business in the methodical and strategic way that has characterized our development to date."
In the past five years, the 2013 Global Challenger companies have created 1.4 million jobs, while employment at the non-financial S&P 500 stayed flat.
The companies' average revenue was $ 26.5 billion in 2011, the most recent year for which figures are available, compared with $ 21 billion for the S&P 500's non-financial companies and $20 billion for the entire S&P 500.
In the same year, they purchased more than $ 1.7 trillion of goods and services and invested more than $ 330 billion in capital expenditures.
Produced by BCG's Global Advantage practice area, the report is based on a comprehensive screening of thousands of companies from emerging markets conducted by BCG experts in each such market. Companies generally need to have annual revenues totaling at least $ 1 billion and overseas revenues of at least 10 percent of total revenues, or $ 500 million.
The screening measures the size of each company relative to other challengers and to multinational competitors in their industries.
It also analyzes each company's international presence, the number and size of its international investments, its M&A activity over the past five years, and the strength of its business model.
The team excludes those companies that pursue only low-end, export-driven businesses.
Saudi Basic Industries Corporation (SABIC) is likely to substantially advance its reach into new markets in the coming years while building enhanced capabilities to further its global growth, says a top global management consulting firm.
SABIC has been honored by The Boston Consulting Group (BCG) for their globalization achievements with a 'BCG 2013 Global Challengers' Award, according to a statement received here.
"With more than $ 50 billion in revenues and 40,000 employees globally, SABIC has become a well-established brand in the global chemicals industry," Thomas Bradtke, partner and managing director in BCG's Dubai office and originator of BCG's Global Challenger report series, was quoted as saying in the statement.
An official awards ceremony was held at SABIC headquarters, Riyadh, where Bradtke presented the award to Mohamed Al-Mady, vice chairman and CEO of SABIC.
The ceremony was also attended by members of SABIC's global executive leadership team.
Since 2006, BCG annually identifies the top 100 emerging market companies that are developing very quickly with the potential to reshape industries and surpass many traditional multinational companies. These 100 companies make up BCG's 'Global Challenger' list.
"We are delighted to present this award to SABIC for achieving their status as Global Challenger once again," said Thomas Bradtke.
"The company has thrived under Al-Mady's leadership and vision, and continues to impress with its global scale, fast growing international market positions, and strong reputation for operational excellence," said Bradtke.
Mohamed Al-Mady said: "SABIC has become a cornerstone not only of the Kingdom's economy, but has come to play an instrumental role in the global playing field."
He added: "We are honored to be recognized by BCG for our contribution to the industry and the global economy, and will continue to grow our business in the methodical and strategic way that has characterized our development to date."
In the past five years, the 2013 Global Challenger companies have created 1.4 million jobs, while employment at the non-financial S&P 500 stayed flat.
The companies' average revenue was $ 26.5 billion in 2011, the most recent year for which figures are available, compared with $ 21 billion for the S&P 500's non-financial companies and $20 billion for the entire S&P 500.
In the same year, they purchased more than $ 1.7 trillion of goods and services and invested more than $ 330 billion in capital expenditures.
Produced by BCG's Global Advantage practice area, the report is based on a comprehensive screening of thousands of companies from emerging markets conducted by BCG experts in each such market. Companies generally need to have annual revenues totaling at least $ 1 billion and overseas revenues of at least 10 percent of total revenues, or $ 500 million.
The screening measures the size of each company relative to other challengers and to multinational competitors in their industries.
It also analyzes each company's international presence, the number and size of its international investments, its M&A activity over the past five years, and the strength of its business model.
The team excludes those companies that pursue only low-end, export-driven businesses.
© Arab News 2013
