“The Saudi Arabian government owns 70 per cent of SABIC shares with the remaining 30 per cent publicly traded on the Saudi stock exchange.”
Under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdualziz, Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Saudi Basic Industries Corporation (SABIC) and the Royal Commission for Jubail and Yanbu, opened the two-day Saudi Downstream Forum in Jubail, on March 8.
Yousef A. Al-Benyan, SABIC Vice Chairman and CEO (A), delivered a keynote address on the opening day to a large gathering of key players in the Saudi downstream industry and global investors.
In his address, Mr Al-Benyan outlined SABIC’s strategy for playing its part in developing downstream industries in Saudi Arabia – industries that will create jobs and business opportunities for Saudi citizens.
“In the coming years, several million new Saudis will join the Kingdom’s workforce, both men and women,” he said. “And they will need millions of new jobs — jobs that will come mostly from the private sector.”
To achieve that goal, Mr Al-Benyan underscored the critical importance of developing Small to Medium-sized enterprises (SMEs) in the downstream value chain.
“SMEs are what drive the economies of most economically successful countries,” he said. “SMEs multiply and grow to connect core industries with end-users and customers. In this process, jobs grow exponentially.”
The key to successfully growing SMEs in the Kingdom, Mr Al-Benyan said, is the creation of an economic “push-pull ecosystem.”
SABIC had invested billions of dollars in assets, products, and innovation. The “pull” will be provided by initiatives such as the Saudi Arabian Industrial Investments Company – a partnership between the Public Investment Fund, SABIC, and Saudi Aramco.
The Saudi government’s keenness to provide high quality economic services for its youth is a vital step towards sustainability.
