Dec 19 2011 |
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SABIC honored for sponsoring Riyadh Economic Forum
Dr. Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance, has honored the Saudi Basic Industries Corporation ( SABIC ) for participating in the Fifth Riyadh Economic Forum as the Diamond sponsor from December 17 to 19, under the patronage of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz. Mohamed Al-Mady, SABIC Vice Chairman and CEO, received a trophy in recognition of this initiative.
Al-Mady said that SABIC 's sponsorship of the Forum is out of its strong sense of responsibility towards the community and its positive contribution to the Kingdom's economic growth. The Forum is a key event in the region's economic agenda, as reflected in the constant support extended to it by King Abdullah. The Forum has acquired a significant position in economic circles, and is attended by prominent leaders and decision-makers from industry, economy, planning and development, he said.
SABIC is participating in the exhibition with an informative stand. Forty meetings and 22 discussion sessions were held during the Forum in the presence ministers, ambassadors, and senior thought leaders.
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 21 billion (US$ 5.6 billion) in 2010. Sales revenues for 2010 totaled SR 152 billion (US$ 40.5 billion). Total assets stood at SR 317 billion (US$ 84.5 billion) at the end of 2010.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific. SABIC 's overall production has increased from 35 million metric tons in 2001 to 67 million metric tons in 2010.
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.
Samir Al-Abdrabbuh
Vice President,
Corporate Communications
© Press Release 2011
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