26 June 2016
has been granted a trading license as part of a long-term strategic partnership with the Saudi government. The global, science-based company becomes one of only three companies to be granted 100 percent ownership and the ability to operate and invest in Saudi Arabia.
3M officially received the license at a ceremony held today in New York City during Deputy Crown Prince Mohammad bin Salman's visit to the United States. The Saudi government has set out a multi-year plan to increase foreign investment, and granting foreign-owned trading licenses represents an important step toward achieving its goals.
"3M is honored to be one of the first companies to receive a license to fully do business in Saudi Arabia," said H.C. Shin, Executive Vice President of International Operations for 3M. "As a global leader in developing innovative solutions, we look forward to a strong partnership with the Saudi government that strengthens our operations in the region while supporting their goals of diversifying their economy and driving growth."
3M has had a presence in Saudi Arabia since 1980. The company currently provides technical support through a Technical and Scientific Office, and operates Customer Technical Centers and a Learning Center in Riyadh, Jeddah and Dammam. In December 2015, 3M broke ground on a facility in Dammam that will be its largest manufacturing site in the Middle East and Africa region upon completion.
At 3M, we apply science in collaborative ways to improve lives daily. With $30 billion in sales, our 90,000 employees connect with customers all around the world. Learn more about 3M's creative solutions to the world's problems at www.3M.com or on Twitter @3M or @3MNewsroom.