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Saudi Basic Industries Corporation: Further expand the investment base in China

Time: 2018-10-26

Saudi Basic Industries Corporation: Further expand the investment base in China

 

Saudi Basic Industries Corporation (SABIC), a Fortune 500 company emerging in the Arabian Peninsula, is increasingly relying on the Chinese market. As the helm of this chemical giant, the global CEO of the 2017 Guangzhou Fortune Forum, Yusuf Al-Baiyan (hereinafter referred to as “Yousuf”), expressed the vision of SABIC to further expand its investment in China in the future. He told the First Financial Reporter that "in the future, SABIC should concentrate on doing a good job in China and increase the volume of fixed assets investment in China."


First Financial News reporter learned from official data that China has become one of SABIC's most important strategic markets, and the Chinese market currently contributes nearly 20% of SABIC's global sales revenue. According to data released by the China Petroleum and Chemical Industry Federation, as of August 2017, China's chemical industry achieved an output value of 961.5 billion US dollars, a substantial increase of 14.2%. From this perspective, the Chinese market has sufficient potential and momentum to continue to be the growth engine for SABIC's global business development.


Saudi Basic Industries Corporation (SABIC) is the world's leading diversified chemical company headquartered in Saudi Riyadh. Globally, SABIC is the fourth largest chemical company after BASF and Dow. In 2016, SABIC's net profit reached 17.8 billion rials (US$4.8 billion), with sales revenue totaling 113.28 billion rials (US$35.4 billion), ranking 299th in the Fortune Global 500 list in 2017. . As of the end of 2016, SABIC's total assets reached 316.9 billion rials ($84.5 billion). In 2016, the total production of SABIC reached 72.7 million metric tons. Currently, the Saudi Arabian government owns 70% of SABIC and the remaining 30% is publicly traded on the Saudi Arabian Stock Exchange.

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