LONDON: Saudi Basic Industries Corp. (SABIC) is targeting investments in Africa as the petrochemicals giant taps rising demand for plastics worldwide.
The Riyadh-headquartered chemicals maker reported a 5.3 percent rise in third quarter net income to SR6.1 billion ($1.62 billion) on Sunday, which it attributed to better sales prices and volumes.
The world’s fourth-biggest petrochemicals company is looking for future investment opportunities in Africa, which is a promising market to maintain sales growth, Reuters reported citing its chief executive.
Yousef Al-Benyan also told reporters that the outlook for business in the US, Asia and China was still broadly positive despite some challenges relating to high energy prices.
The vast Saudi petrochemical industry is expected to experience a wave of consolidation this year with SABIC expected to be at the center of that process.
Saudi Aramco, the world’s biggest national oil company, is working on buying a stake in SABIC, Aramco CEO Amin Nasser told the Future Investment Initiative in Riyadh last week.
Hoever, anti-trust regulations will mean that the company’s planned acquisition of a controlling stake in SABIC is expected to take time, he said.
Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then, the IEA said.
“Our economies are heavily dependent on petrochemicals, but the sector receives far less attention than it deserves,” said Fatih Birol, the IEA’s executive director.
“Petrochemicals are one of the key blind spots in the global energy debate, especially given the influence they will exert on future energy trends. In fact, our analysis shows they will have a greater influence on the future of oil demand than cars, trucks and aviation.”
Demand for plastics – the key driver for the petchem industry – has outpaced all other bulk materials (such as steel, aluminum, or cement), nearly doubling since 2000, the agency estimates.
SABIC eyes Africa expansion as profits rise
SABIC eyes Africa expansion as profits rise
- Prices and volumes rise in third quarter
- Global demand shows positive trend
Saudi Arabia ranks 2nd globally in digital government, World Bank 2025 index shows
WASHINGTON: Saudi Arabia has achieved a historic milestone by securing second place worldwide in the 2025 GovTech Maturity Index released by the World Bank.
The announcement was made on Thursday during a press conference in Washington, DC, which evaluated 197 countries.
The Kingdom excelled across all sub-indicators, earning a 99.64 percent overall score and placing it in the “Very Advanced” category.
It achieved a score of 99.92 percent in the Core Government Systems Index, 99.90 percent in the Public Service Delivery Index, 99.30 percent in the Digital Citizen Engagement Index, and 99.50 percent in the Government Digital Transformation Enablers Index, reflecting some of the highest global scores.
This includes outstanding performance in digital infrastructure, core government systems, digital service delivery, and citizen engagement, among the highest globally.
Ahmed bin Mohammed Al-Suwaiyan, governor of the Digital Government Authority, attributed this achievement to the unwavering support of the Saudi leadership, strong intergovernmental collaboration, and effective public-private partnerships.
He highlighted national efforts over recent years to re-engineer government services and build an advanced digital infrastructure, which enabled Saudi Arabia to reach this global standing.
Al-Suwaiyan emphasized that the Digital Government Authority continues to drive innovation and enhance the quality of digital services, in line with Saudi Vision 2030, supporting the national economy and consolidating the Kingdom’s transformation goals.
The 2025 GTMI data reflects Saudi Arabia’s excellence across key areas, including near-perfect scores in core government systems, public service delivery, digital citizen engagement, and government digital transformation enablers. This balanced performance places the Kingdom firmly in the “Grade A” classification for very advanced countries, demonstrating the maturity of its digital government ecosystem.
Saudi Arabia’s progress in the index has been remarkable: from 49th place in the 2020 edition, to third in 2022, and now second in 2025, confirming its status as a global leader in digital transformation and innovation.
The achievement also reflects the Kingdom’s focus on putting people at the center of digital transformation, enhancing user experience, improving government efficiency, and integrating artificial intelligence and emerging technologies across public services.
