Sabic 'will help spur new downstream industries'
Riyadh, April 24, 2014
Sabic, as part of its 2025 strategy, will seek to enable new downstream industries to flourish with the introduction of new innovative products, and world class innovation support, said the global petrochemical company's CEO.
Speaking at the MIT Club of Saudi Arabia's 15th Annual Dinner in Riyadh, Eng Mohamed Al-Mady, Sabic vice chairman and CEO, said: “Sabic was founded to bring added value to the kingdom by spearheading the development of the Kingdom’s petrochemicals industries. As such, we have enabled the Kingdom’s downstream conversion industry over the past 30 years, helping deliver thousands of skilled jobs to Saudis."
“Sabic is no stranger to change and is constantly undergoing transformation. Further transformation is necessary to continue our journey towards global leadership. To realise this ambition we have developed our 2025 strategy that is more customer focused and market facing, leveraging and building upon our existing global operations,” he said.
Al-Mady said: “Sabic began life from humble beginnings and has risen today to be a global challenger in our industry. Our ambition is to be the global leader in chemicals. From the company’s earliest days, strong government backing, a clear vision combined with strong values of integrity, loyalty, commitment, honesty, determination and respect, provided the cornerstones of our future success and business growth.”
On innovation, a cornerstone of Sabic’s strategy, Eng Al-Mady said: “As an organization we have always been open to new ideas. This is one of the key enablers of our success. As such, we learnt that business growth in the marketplace requires innovation. We also learnt that we could not be an innovator without globalizing, so we acquired companies around the world to help realize this. From the accumulated wisdom we have gained as a result of globalizing, we now know that our sustainable business growth and leadership in innovative customer solutions have positioned us among global leaders in the petrochemical industry.”
He also highlighted the pivotal role played by its human resources in the company’s business. He said: “From the first few employees recruited in 1976 to today’s 40,000 employees, we know our people are what make us successful and unique. Performing their roles through living our ethical working values, and through strong talent management, Sabic will be the preferred world leader in chemicals.”
In his inaugural speech, Eng Mohammed bin Abdulkareem Bakr, MIT Club president, gave an overview of the MIT Alumni Club of Saudi Arabia, which was established in 1998 as an initiative by MIT.
The event was attended by several Shoura Council members, government officials, Saudi private and industrial sector leaders, media representatives and MIT alumni. - TradeArabia News Service