Saudi Basic Industries Corporation (SABIC) and its joint venture partner ExxonMobil hosted a symposium promoting rubber industry downstream development at SABIC headquarters in Riyadh recently.
Industry experts from around the world delivered topics ranging from technical applications to investment opportunities in a downstream rubber market in Saudi Arabia. The goal was to deliver all the applicable information needed to generate interest in developing this market.
Prince Turki bin Mohammed bin Nasser bin Abdulaziz, international relations manager of the Ministry of Commerce and Industry, was among the dignitaries at the symposium. The event was largely attended by government representatives, current rubber converters as well as related industry players who are seeking ways to diversify their business, besides prospective entrepreneurs looking to enter this market.
In his keynote speech titled “New Industry Opportunities in Saudi Arabia,” Prince Turki highlighted the competitive advantages that local converters enjoy as against external competitors.
Mohamed Al-Mady, SABIC vice chairman and CEO, said: “Creating an efficient and competitive value chain for synthetic rubber is our focus in this initiative. The institution of a strong rubber goods industry in Saudi Arabia will be the single most significant hallmark of success in this endeavor. It is crucial that we inspire the entrepreneurial spirit that will spark innovation in the Kingdom and propel its economy forward,” he said.
Koos van Haasteren, SABIC EVP, performance chemicals, said that one of the key features of development support is the SABIC Plastics Application Development Center (SPADC). “This state-of-the-art facility at the Riyadh Techno Valley, King Saud University, will be the largest center of its kind in the Middle East to support customers in characterization, processing and applications like mixing, extrusion, and injection molding capabilities.”
Mohammed A-Wakeel, GM Functional Polymers, said, “We had an excellent turnout at this first synthetic rubber symposium. We presented business cases for downstream investors in Saudi Arabia to consider. The symposium provided strong guidance to investors to help them set up future rubber processing companies in the Kingdom.”
SABIC focuses on competitive value chain for rubber
SABIC focuses on competitive value chain for rubber
Saudi Awwal Bank becomes first Middle East bank to earn 7-star CinOrg innovation accreditation
Saudi Awwal Bank has become the first bank in the Middle East to receive a 7‑star Certified Innovative Organization rating from the Global Innovation Institute, the highest recognition awarded by the institute.
The accreditation marks a significant step in SAB’s innovation strategy and follows an innovation maturity assessment conducted by the institute in December 2025. The review, which built on an earlier assessment in December 2023, raised the bank’s maturity level from “Champion” to “Leader.” The new rating reflects SAB’s institutionalized approach to innovation, its enterprise-wide impact and its ability to consistently deliver measurable results.
With the 7‑star rating, SAB becomes the first bank in the region to reach the highest innovation maturity level, strengthening its position as a regional reference point for innovation-led and future-ready banking.
In 2025, the bank opened its flagship Innovation Centre and secured six internationally recognized innovation awards, along with a lab accreditation. The centre has supported SAB’s efforts to accelerate the adoption of advanced technologies, encourage cross-functional collaboration and reinforce its standing as a regional leader in financial innovation.
Saeed Assiri, chief innovation banking officer at SAB, said the recognition reflects years of focused work to build a sustainable innovation ecosystem.
“By investing in SAB’s culture, governance and talent, innovation enables the bank to remain future-ready,” he said. “This milestone reinforces our role in accelerating financial innovation in Saudi Arabia and delivering long-term value for our customers.”
The certification adds to SAB’s broader efforts to strengthen its innovation capabilities as the Kingdom’s banking sector continues to evolve.
