Al-Mady: The award underscores SABIC's commitment to sustainable development and community service
Prince Faisal bin Khalid bin Abdulaziz, Governor of Asir Region, Vice Chairman of the Board of Trustees of the King Khalid Charitable Foundation and Chairman of King Khalid Award for Responsible Competitiveness has handed the first-place award to Mohamed Al-Mady, SABIC Vice Chairman and Chief Executive Officer in a ceremony held on January 23, 2011. The events were part of the Fifth Global Competitiveness Forum, which is organized by SAGIA and held in Riyadh from January 22 to 25, 2011 under the patronage of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud.
The Award Panel indicated that over 100 companies had signed up for the 2011 Saudi Responsible Competitiveness Index, making it the most successful year to date. SABIC has achieved first place on merit, due to the fact that it is distinguished and has excelled among other companies in the areas of social responsibility and sustainable development. The Award was awarded to SABIC in particular with regard to its efforts in human resources, the development and qualification of young leaders, and support to educational and civil society institutions, as well as its contribution to social progress and development, all of which comply with the requirements of Saudi Arabia's Index standards for Responsible Competitiveness.
Al-Mady expressed sincere thanks and appreciation to Prince Faisal bin Khalid bin Abdulaziz, Governor of Asir Region and Chairman of the King Khalid Award for Responsible Competitiveness. Al-Mady assured the Prince that SABIC has pursued a clear and consistent strategy throughout its history to bolster its role in supporting sustainable development and to contribute to the national economy's competitiveness so as to occupy an advanced position in the global economy and strengthen the Kingdom's competitive position through highest levels of performance and by adopting best practices and paying continuous attention to skills development and building the capacity of human talent working in SABIC.
Al-Mady stressed that SABIC's participation in this Index initiative is an indication of the company's desire to continue growth and sustainable development, and he also stressed its role in providing charitable contributions to the community and support for the national development agenda. SABIC has also adopted socially and environmentally responsible supply chain improvements through its flagship EMDAD project. SABIC also invests in technology and research that serve innovation in products and services, through its "culture of innovation." SABIC has succeeded to open new markets close to its customers with a portfolio of diverse products and innovative solutions. These are the basic standards for this Index , which is considered the national reference for best corporate practices in the Kingdom.
Al-Mady expressed thanks and appreciation to all SABIC departments and employees for their efforts and dedication, which allowed the company to win the prestigious first-place award.
The King Khalid Award for Responsible Competitiveness was launched after signing an agreement between King Khalid Charitable Foundation and SAGIA in 2008 as a contribution from King Khalid Charitable Foundation in raising the level of the private sector in the application of best practices that are socially responsible and support sustainable development.
King Khalid Charitable Foundation aims to realize the noble objectives, principles and values sought by the late King Khalid in order to serve individuals and society, and to raise the social, educational, cultural and occupational standards. The Foundation also reflects one of the bright aspects of King Khalid's deeds, which were bundled with humanitarian and national accomplishments. Winners are honored at the Global Competitiveness Forum, which is held at the beginning of each Gregorian Calendar year. The Award comprises four branches: King Khalid Award for National Accomplishment, Social Sciences Award, Social Projects Award and King Khalid Award for Responsible Competiveness.
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About SABIC
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 9 billion (US$ 2.4 billion) in 2009. Sales revenues for 2009 totaled SR 103 billion (US$ 27 billion). Total assets stood at SR 297 billion (US$ 79.2 billion) at the end of 2009.
SABIC's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with six dedicated Technology & Innovation Centers in Saudi Arabia, Europe, the USA and India.. The company operates in more than 40 countries across the world with 33,000 employees worldwide.
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 59 million metric tons in 2009.
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
