SABIC Awarded for Extraordinary Achievements in Building a Truly Global Business
Riyadh, May 01, 2013
Saudi Basic Industries Corporation (SABIC) has been honored by global management consulting firm The Boston Consulting Group (BCG) for their globalization achievements with a 'BCG 2013 Global Challengers' Award.
An official awards ceremony was held at SABIC Headquarters, Riyadh, where Thomas Bradtke, Partner and Managing Director in BCG's Dubai office and originator of BCG's Global Challenger report series presented the award to Mohamed Al-Mady, Vice Chairman and Chief Executive Officer 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. The company has thrived under Mr. 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. With more than US$50 billion in revenues and 40,000 employees globally, SABIC has become a well-established brand in the global chemicals industry. We expect SABIC to substantially advance its reach into new markets in the coming years while building enhanced capabilities to further its global growth," Thomas Bradtke commented.
"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. 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," Mohamed Al-Mady added.
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.
Methodology for Selecting the 2013 BCG Global Challengers
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.
A copy of the report can be downloaded at www.bcgperspectives.com.
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About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 78 offices in 43 countries.
BCG serves the Middle East from Abu Dhabi and Dubai. Our offices there, in conjunction with the BCG office in Casablanca, play a key role in serving clients in the rapidly developing Gulf region as well as Middle East North Africa (MENA). To date BCG has successfully conducted assignments in the Middle East serving clients across a wide range of sectors, including government, financial services, energy, industrial goods, telecommunications, real estate, healthcare and private equity. For more information, please visit bcg.com.
For more information, please visit www.bcg.com.
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© Press Release 2013
