SABIC - Its Role

By 1994, SABIC had no less than 15 major industrial plants in operation (in Jubail, Yanbu and Jiddah) and a 16th well on the way to completion. Its annual production was 13 million tons of chemicals, plastics, industrial gases, steel and other metals.

SABIC's major role in the development of petrochemical and mineral-based industries in Saudi Arabia and in encouraging private sector participation in the country's economic growth is clear. Less obvious but perhaps more important is the function SABIC fulfills in providing a mechanism for the acquisition by Saudi citizens of the managerial, professional and technological skills required to control and expand a modern industrialized economy.

In 1995, SABIC had a market capitalization of US$ 10,467 million.

In 2002, SABIC’s net profit stood at SR 2.8 billion, a 60% increase on the 2001 figures. SABIC also announced record sales revenues of SR 34 billion in 2002, a very substantial increase on the previous year's SR 29 billion. These figures indicate the remarkable achievements of an organization that holds a central position in the Kingdom's program of industrial diversification.

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