SABIC set to open new innovation facilities

Updated 28 January 2013
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SABIC set to open new innovation facilities

Saudi Basic Industries Corporation will launch four new state-of-the-art technology and innovation facilities in 2013, two in Saudi Arabia and one each in India and China, bringing the total number of its research facilities around the world to 18.
The four new centers represent a strategic investment of around half a billion US dollars to continuously improve technology, applications and solutions and meet the needs of an increasingly sophisticated marketplace, as well as address a wide variety of sustainability issues.
Mohamed Al-Mady, SABIC vice chairman and CEO, said that by continuing to invest in technology and innovation, SABIC is driving ingenuity forward to meet specific needs of customers as well as society.
“These four new facilities will further empower our global technology and innovation centers to build on their innovative systems to develop new technologies, improve manufacturing processes, and contribute to a sustainable environment for our communities.”
The two centers in Saudi Arabia are the Corporate Research & Innovation Center (CRI) at King Abdullah University of Science and Technology (KAUST) in Thuwal, near Jeddah, and the other, the SABIC Plastic Applications Development Center (SPADC) in Riyadh Techno Valley at King Saud University (KSU) in Riyadh.
Ernesto Occhiello, SABIC executive vice president, technology and innovation, said the CRI, scheduled for an April opening, “will seek to exchange experience and knowledge between the researchers at SABIC and KAUST, opening access to new technical competencies, blending academia with industry, tapping into new inventions made by academia, sourcing top talent and fresh ideas, and developing a community of excellence in upstream research.”
The SPADC, which is set to open in the second quarter of the year, aims to develop new applications and products that support SABIC’s business growth. Located adjacent to the Saudi Arabia’s largest university, King Saud University, it will enable SABIC to build closer links between academia and the industrial research community, Occhiello said.
The SPADC aims to be the center of excellence for automotive, packaging, consumer, construction, signage, and compounding. It will work closely with SABIC’s other Technology and Innovation centers to achieve set targets, including training customers and employees.
The center will enable Saudi Arabia to enter advanced industrial fields, and support the National Industrial Clusters Development Program to develop industries such as packaging, automotive and machinery.
It will help develop new plastics applications and extend technical support to local and international customers in various fields, including polymers, elastomers and specialty products.
“These new centers in Saudi Arabia are already creating around 150 professional jobs, and are a part of our plans to significantly boost research and technology in Saudi Arabia,” Occhiello said.
The Bangalore research center is scheduled to open in the second quarter of 2013.
The center in Shanghai will open in the third quarter of 2013.

“Bangalore and Shanghai centers, which will host around 500 professionals, are an indication of SABIC’s commitment to be the technology partner of choice for Asian partners as well as the employer of choice for the best talent from the region,” Occhiello said.


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

Updated 27 February 2026
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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.