On behalf of Prince Faisal bin Salman bin Abdulaziz, Madinah Governor, Abdul Mohsen Al-Muneef, Deputy Governor, honored SABIC for its strategic sponsorship of the Corporate Social Responsibility Forum in Madinah. Yaarob Al-Thenayan, Director, Global Corporate Social Responsibility, received the honorary plaque on behalf of SABIC.
Organized by the Chamber of Commerce and Industry in Madinah on March 17 and 18, the forum aimed at promoting key concepts of Corporate Social Responsibility in private companies and establishments, and highlighting the importance of sustainability in social responsibility programs.
The forum comprised five sessions dealing with the basics of social responsibility in the Muslim community, the concept of corporate governance and corporate sustainability, the benefits of various social responsibility projects, integration between charity endowments and social responsibility, and social responsibility success stories in Saudi Arabia.
In comments after the event, Al-Thenayan said that SABIC supports national events that contribute to social development, in line with the company’s social values and mission. “Our approach to social responsibility is through engaging with key players in the community and supporting meaningful programs and initiatives that lead to strategic sustainable projects. We have set priorities for our CSR programs that help meet societal needs.”
Saudi Basic Industries Corporation (SABIC) ranks as the world’s second largest diversified chemical company. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 23.3 billion (US$ 6.2 billion) in 2014. Sales revenues for 2014 totaled SR 188.1 billion (US$ 50.2 billion). Total assets stood at SR 340 billion (US$ 90.7 billion) at the end of 2014.
SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 19 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India, China and South Korea. The company operates in more than 45 countries across the world with around 40,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.