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In preparation for official opening early next year
At a daylong event in Riyadh today, SABIC set the foundation for its Home of Innovation™ growth initiative by hosting more than 120 leaders from 43 top global, regional and local companies at its SABIC Plastics Application Development Center.
Attendees were treated to welcoming remarks by Yousef Al-Benyan, SABIC acting Vice Chairman and CEO, and Awadh Al-Maker, SABIC Executive Vice President, Technology and Innovation, before meeting company executives to discuss mutual goals for Home of Innovation.
"This event was an important first opportunity in our multi-year strategy to foster collaboration and engage the market to provide differentiated solutions that meet the needs of Saudi Arabia and the Middle East," said Al-Benyan. "We welcome these industry-leading companies to SABIC and look forward to working with them in the years to come to achieve that goal."
Following a ceremonial signing of the participation agreements, presentations explained SABIC's vision and intent for Home of Innovation to facilitate collaboration, target opportunities and power growth in the Kingdom and the Middle East.
"Our goal is to collaborate with these companies, as well as government and academia, to help bring advanced materials and product solutions that address local and regional challenges such as resource efficiency, downstream industry development and knowledge transfer," said Al-Maker. "Home of Innovation is the catalyst for bringing ideas to industry and showcasing what can be manufactured locally."
The event included one-to-one business meetings between SABIC and participating companies, tours of the SPADC facility, and group photo opportunities to commemorate this major milestone.
Attendees also received a glimpse of the Home of Innovation™ facility currently under construction in the Riyadh Techno Valley at King Saud University. Adjacent to SPADC, the three-building facility will serve as a focal point for the initiative and a real-world application of high-performance materials, products, and systems integration. It is expected to be completed in the first half of next year.
"The power of performance is a critical message for Saudi Arabia, and Home of Innovation exemplifies that ideal in both its concept and its facility," said Abdullah Al-Refaie, Program Director, Home of Innovation. "SABIC's thought leadership and the diverse contributions of participating companies make this a truly unique business growth initiative."
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About Home of Innovation
Home of Innovation™, a SABIC growth initiative, combines marketing, innovation and technology to create demand and promote downstream industry development. It offers a platform to showcase global innovation while identifying and developing new market opportunities and solutions. It inspires the regional business community by facilitating collaboration among industry-leading companies and showcasing what could be manufactured locally. It brings together the best minds and organizations interested in the future of the Middle East region and acts as a catalyst to transform ideas to industry. For more information, go to homeofinnovation.sabic.com.
ABOUT SABIC
Saudi Basic Industries Corporation (SABIC) ranks as the world's third largest diversified chemical company. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and agri-nutrients.
SABIC recorded a net profit of SR 23.3 billion (US$ 6.2 billion) in 2014. Sales revenues for 2014 totaled SR 188.1 billion (US$ 50.2 billion). Total assets stood at SR 340 billion (US$ 90.7 billion) at the end of 2014.
SABIC's businesses are grouped into Chemicals, Polymers, Agri-Nutrients, Metals and Innovative Plastics. It has significant research resources with innovation hubs in five key geographies - USA, Europe, Middle East, South East Asia and North East Asia. The company operates in more than 50 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 publically traded on the Saudi stock exchange.
© Press Release 2015
