RIYADH: Saudi Basic Industries Corp. has achieved 3.7 percent brand value growth, reaching $4.89 billion in 2024, securing second place in the chemicals industry ranking for the second consecutive year.
SABIC credited its success to working together in business and its commitment to building lasting customer relationships, as stated in a press release. This performance aligns with SABIC’s vision of becoming the preferred world leader in chemicals.
The company’s efforts to showcase its role in the industry and emphasize best practices have contributed to the increased value of its brand.
SABIC CEO Abdulrahman Al-Fageeh emphasized the company’s dedication to innovative approaches, stating: “We are steadfast in providing market-leading solutions while ensuring that sustainability remains integral to our economic value creation and growth strategy — acknowledged once more by our strong brand valuation.”
Headquartered in Riyadh, SABIC operates globally, manufacturing a diverse range of products, including chemicals, commodity and high-performance plastics, agri-nutrients, and metals.
The company asserts that it supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation, and clean energy.
With over 31,000 employees worldwide and operations in around 50 countries, SABIC remains committed to innovation and excellence in the global market.
Earlier in January, the corporation approved a $6.4 billion investment in building a petrochemical complex in Fujian, solidifying its partnership with China.
To be developed in collaboration with Fujian Fuhua Gulei Petrochemical Co., the project is scheduled to commence construction in the first half of 2024, the company said in a bourse filing.
Subsequently, preparations for commissioning and start-up will begin in the second half of 2026 and last six months.
The development is expected to initiate commercial production by the first half of 2027, supporting SABIC’s expansion in the Asian market.
Spearheading the project, SABIC Industrial Investment Co., a wholly-owned subsidiary, will hold a 51 percent ownership stake, while the Chinese entity will have 49 percent shares.
