Riyadh,  February 11, 2014

SABIC has signed a contract with Joannou & Paraskevaides (Saudi Arabia) Ltd for constructing the company's employee housing project in Riyadh, the Al-Waseel Hills Project. In the presence of Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, and Abdullah Al-Eisa, SABIC Board member, Mohamed Al-Mady, SABIC Vice Chairman and CEO, and Constantine Hiakulas, Joannou & Paraskevaides Chairman and CEO, signed the contract at a function held in Riyadh on February 11.

The project covers 685 residential units at the Shams Al-Riyadh site including the infrastructure and landscaping along the Wadi Hanifa, which passes through the complex.

Prince Saud commented, "SABIC has adopted the idea of building a high quality, sustainable and self-contained housing complex for employees in Riyadh on the lines of its successful housing experience in Jubail and Yanbu. We hope this project will motivate our employees all the more, and will have a corresponding impact on productivity and innovation for the company to help achieve its vision at the local, regional and global levels."

The project to be completed in about three years, also includes mosques, schools, shopping centers, sports clubs and parking areas. It is expected to meet the housing needs of SABIC employees in Riyadh.

-Ends-

About SABIC
(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 has announced its unaudited financial results with a net profit of SR 25.23 (US$ 6.73 billion) in 2013. Sales revenues for 2013 totaled SR 189 billion (US$ 50.4 billion). Total assets stood at SR 339 billion (US$ 90.4 billion) at the end of 2013.

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 2014