SABIC Chairman opens SABIC office in Cairo

To mark this event, the company held a reception and dinner attended by senior state officials in the Egyptian government, His Excellency Mr. Hisham bin Mohieddin Nazir, Ambassador of the Custodian of the Two Holy Mosques to Egypt, Mr. Mohamed Al-Mady, SABIC's Vice Chairman & Chief Executive Officer, senior officials of the company, as well as SABIC's customers and representatives from industry, finance, business, in the Arab Republic of Egypt.

Prince Saud delivered a speech in which he lauded the relations between the Kingdom of Saudi Arabia and Egypt, the endeavors of the leadership of both countries for nurturing their development, over time, to promote effective interaction between the two countries at the economic level, and the removal of any obstacles that may hinder integral ambitions.

He recalled that SABIC has entered the Egyptian market for the first time in 1985. It has succeeded since then in building close cooperative relations with the Egyptian productive sectors to gradually increase sales. Despite considerable escalation of both the numbers of customers and products sold, these figures, seem very modest, compared to the strong relations between the two countries, which represent the largest trading partners in the region. Also, these figures are not commensurate with the high growth rates achieved by the Egyptian economy, and Egyptian industrial development. Moreover, they do not correspond with the aspirations of SABIC, and its large production capacity, enhanced with the highest professional and technical services to target bridging the gap between supply and demand in the Arab markets.

SABIC's production network in the Kingdom of Saudi Arabia is made up of 19 manufacturing complexes with a total annual capacity currently exceeding 51 million metric tons of petrochemicals, fertilizers and steel. The company is currently implementing a series of expansion programs designed to achieve an annual capacity of 64 million metric tons over the next two years. These strategies are designed to achieve the total potential annual capacity of one hundred million metric tons in 2015. SABIC has additional production facilities for polyolefins and chemicals in The Netherlands and Germany. Also SABIC has made a very early stride on the road to the Arab industrial integration, through its participation in the capital of the three petrochemicals and aluminum manufacturing complexes, founded in the Kingdom of Bahrain under joint Gulf capitals.

His Highness added that SABIC products and services reach more than a hundred countries, and enjoy growing confidence of industrial consumers, due to the adoption of rational marketing strategies maintaining market balance and cohesiveness, alongside the interests of all parties. He reaffirmed saying that SABIC is looking towards the Egyptian market because it is a leading major strategic market in the region. SABIC seeks to establish industrial investments as well as investments in business. There are several plans and studies that will hopefully see the light of day, to pay tribute to a new era of joint working mutual relationships. Perhaps the opening of SABIC Egypt office is an augur well for prosperity for both countries.

He also underlined that SABIC has strenuously sought to deepen its relations with the consumers of its products in the Egyptian market through the establishment of this office, and continuing efforts to provide the best logistical and technical services, and organization of technical symposiums.