Saudi Basic Industries Corporation (Sabic), one of the world’s top petrochemical companies, said it has won recognition for its effective partnership at the "Young Entrepreneurs Award for 2010 and 2011."

Prince Salman bin Abdulaziz, Crown Prince and Minister of Defence, presented an honorary plaque to Prince Saud bin Abdullah bin Thenayan Al-Saud, the chairman of Sabic and the Royal Commission for Jubail and Yanbu, at a recent function held in Jeddah.

Prince Salman is the chairman of Prince Salman Awards for Young Entrepreneurs. The Crown Prince also honoured Mohamed Al-Mady, Sabic vice chairman and CEO, for the company’s support in establishing the Prince Salman Young Entrepreneurs Center in Jeddah.

The awards cover young entrepreneurs in seven areas – industry, services, trade, technology, agriculture, leadership and businesswomen entrepreneurship.

“Sabic is proud of its partnership in the Prince Salman Award. Such partnerships are reflective of the strong cohesion between the government and national sectors in support of entrepreneurial leadership. Sabic will not hesitate in responding effectively to such important national initiatives," said Prince Saud.

"The company has been among the first to extend support to the Prince Salman Center for Young Entrepreneurs, an organization dedicated to encouraging creative young entrepreneurs," he added.-TradeArabia News Service