Business & Money | Sunday 21 June, 2015 4:05 pm |

Sadara Chemical Company (Sadara) has been classified as “Strategic” by the Saudi Arabian General Investment Authority (SAGIA), the governmental entity established to oversee investment affairs in the Kingdom of Saudi Arabia. This puts Sadara in the highest classification category achievable under SAGIA’s current investment rankings. 

This classification of Sadara’s investment status is in recognition of its commitment to enhancing the value of its investments in the petrochemical and chemical sectors of Saudi Arabia. This is also a recognition of Sadara’s success in bringing associated investments into the Kingdom; providing significant employment opportunities for Saudi nationals; and driving further development of the industry or associated industries, according to SAGIA. 

“We are pleased to have achieved the highest ranking with SAGIA and their recognition of Sadara’s positive impact on the Saudi economy,” said Ziad Al-Labban, CEO of Sadara. “We are driven by the support tendered to us by our stakeholders, Saudi Aramco and The Dow Chemical Company, and are committed to continuing to contribute to the enhancement and strengthening of the Kingdom’s value creation opportunities.”

“I would also like to thank SAGIA for its support of Sadara and its active role in helping the project achieve the successes it has to date,” concluded Al-Labban.

The evaluation criteria included a detailed appraisal of various aspects of Sadara and its business. This includes the transfer and localization of technological knowledge; diversification of the Kingdom’s economy; increasing exports and decreasing imports; developing local human resources; reinforcing and boosting the economic competitiveness of local products in both domestic and international markets; and encouraging balanced development of the various regions of the Kingdom.

The “Foreign Investment Impact Program”, launched by SAGIA recently, aims to measure and classify the economic and developmental impact of investments with a foreign component in the Kingdom of Saudi Arabia. Investments classified by the program are given special assistance and support by SAGIA, recognizing their contribution to Saudi Arabia, and encouraging them to further develop and grow their impact in Kingdom. The range of support services provided will vary according to the level of contribution and their classification within the program. The various classification levels within the Program include: Strategic, Distinctive, Advanced, Limited and Innovative & Promising. The assessment of investments and organizations is based on a set of qualitative and quantitative criteria that will be refined and revised periodically to ensure the measurement mechanism remains effective.