SABIC chief: ‘Firms with integrity will reap reward’

Firms that meet world standards will be in the driving seat to secure new investment, says Yousef Al-Benyan SABIC CEO. (Supplied)
Updated 14 October 2019

SABIC chief: ‘Firms with integrity will reap reward’

  • Companies with the highest standards of corporate governance would benefit most from rising foreign investment in the Kingdom, says Al-Benyan

RIYADH: The opening up of Saudi Arabia’s stock exchange to international investors has attracted scrutiny of the Kingdom’s publicly traded companies and their standards of compliance and integrity, according to the CEO of SABIC.

Yousef Al-Benyan, CEO and chairman of Saudi Basic Industries Corp. (SABIC), said that companies with the highest standards of corporate governance would benefit most from rising foreign investment in the Kingdom.

The petrochemical giant hosted a conference in Riyadh on Thursday aimed at promoting integrity and transparency which attracted corporate leaders from around the world as well as NGOs and government representatives.

“By strengthening integrity and compliance capacity across the Saudi supply chain, companies and investors can grow with confidence. The opening of the Saudi stock market to foreign investors is increasing attention on the compliance practices of our companies. Those who meet international standards and expectations will be in the driving seat to secure new investment,” said Al-Benyan.

He said that the the event aimed  to highlight corporate integrity’s links with growth and investment.

The event follows the opening of the Saudi Stock Exchange (Tadawul) to foreign investors and its recent listing on the MSCI Emerging Markets Index (MSCI), an international market benchmark that provides additional assurance to potential investors.


China's aviation regulator raised concerns with Boeing on 737 MAX design changes

Updated 12 December 2019

China's aviation regulator raised concerns with Boeing on 737 MAX design changes

  • China is reviewing the airworthiness of the plane
  • China was first country to ground plane in March

BEIJING: China’s aviation regulator raised “important concerns” with Boeing Co. on the reliability and security of design changes to the grounded 737 MAX, it said on Thursday, but declined to comment on when the plane might fly again in China.
China is reviewing the airworthiness of the plane based on proposed changes to software and flight control systems according to a bilateral agreement with the United States, Civil Aviation Administration of China (CAAC) spokesman Liu Luxu told reporters at a monthly briefing.
He reiterated that for the plane to resume flights in China, it needed to be re-certified, pilots needed comprehensive and effective training to restore confidence in the model and the causes of two crashes that killed 346 people needed to be investigated with effective measures put in place to prevent another one.
China was the first country to ground the 737 MAX after the second crash in Ethiopia in March and had set up a task force to review design changes to the aircraft that Boeing had submitted.
The US Federal Aviation Administration (FAA) will not allow the 737 MAX to resume flying before the end of 2019, its chief, Steve Dickson, said on Wednesday.
Once the FAA approves the reintroduction into service, the 737 MAX can operate in the United States, but individual regulators could keep the planes grounded in other countries until they complete their own reviews.
“Due to the trade war, the jury is still out on when China would reintroduce the aircraft,” said Rob Morris, Global Head of Consultancy at Ascend by Cirium.
Chinese airlines had 97 737 MAX jets in operation before the global grounding, the most of any country, according to Cirium Fleets Analyzer.