Prince Saud bin Abdullah bin Thenayan Al-Saud, outgoing SABIC chairman, has expressed his gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, for reconstituting the SABIC board of directors.
Prince Al-Saud made these remarks at the extraordinary general assembly, held at SABIC headquarters in Riyadh on 8 October 2017. During the meeting, the necessary amendments to the company's Articles of Association, in accordance with the decision of the Council of Ministers No 476 dated 27/7/1438H (24 April 2017), were approved.
The board also approved candidates for the board of directors (government representatives) to complete the current board session, which began on 11 April 2016. Dr Abdulaziz bin Saleh Al-Jarboo was elected as the chairman of the board of directors, Yousef bin Abdullah Al-Benyan, vice chairman of the board of directors and CEO, and Dr Fahad bin Abdullah bin Abdullatif Al-Mubarak, Calum Mclean, and Roberto Gualdoni, as board members.
Speaking at the extraordinary general assembly, Prince Al-Saud said, “Our wise leadership has spared no efforts in investing resources in optimal ways. Under this leadership, huge development projects in various regions and sectors were accomplished, in order to provide a decent life to Saudi citizens, and achieve the security and stability of the Kingdom.”
Prince Al-Saud added that SABIC has demonstrated innovation capabilities of Saudi citizens, and their determination to translate aspirations into reality.
Prince Al-Saud further noted that SABIC's approach has become a long-standing legacy for generations of SABIC employees, who adopt the same values on which SABIC’s business is based: honesty, transparency, fairness, integrity, inspiration, engagement, and creativity.
Prince Al-Saud added that over the past 15 years, he was with SABIC, the company’s journey had witnessed many challenges and achievements, during which “we were able to continue building on the accomplishments of the generations that preceded us.”
Prince Ai-Saud also expressed his confidence over the next board of directors carrying the banner of success and excellence, and working hard to expand the company’s business and maximise profits. It will take advantage of the support extended to the board by the wise leadership, led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and His Highness Crown Prince Mohammed bin Salman bin Abdulaziz.
They will also benefit from the achievements made by the current and previous boards, as well as the local and international experiences of SABIC’s new board of directors, Prince Al-Saud said.
In conclusion, Prince Al-Saud thanked his colleagues in the board of directors, and urged SABIC employees to continue their efforts to achieve excellence. He appreciated the trust placed in the company by the shareholders and customers.
SABIC has grown remarkably during Prince Al-Saud’s tenure as chairman. In 2004, SABIC’s annual production was about 43 million tons, while it now exceeds 73 million tons. From 20 industrial plants, SABIC now operates more than 60 sites around the world of which 22 are in Jubail and Yanbu. SABIC’s total assets increased from $33.33bn in 2004 to more than $84.26bn in 2016. SABIC has also been ranked top in the world’s chemical sector in operating profit, total assets, and net income, scoring over Germany’s BASF, China’s Sinopec, and America’s Dow.
In comments on the following day of the meeting, Dr Abdulaziz bin Saleh bin Mansour Al-Jarboo appreciated the SABIC general assembly’s decision and said he would greatly benefit from the expertise in various areas available in the company. He hoped to build on the successes achieved by this national symbol of excellence to ensure its continued growth and development.
Dr Al-Jarboo further said, “I extend my thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz for their continuous support to the development of the petrochemicals industry. I will put every effort to utilise the company’s expertise to enhance its capabilities, achieve its objectives, and take our national economy to a new level. I will contribute with full commitment to the company’s efforts to fulfil the objectives of Saudi Vision 2030.”
Dr Al-Jarboo thanked Prince Al-Saud and the outgoing board members for their dedicated efforts during their term of office. "Prince Al-Saud has played a prominent role in the rapid growth of the company. His contributions have had a significant impact on the company's global evolution, leading to its recognition as a leader among Arab and international companies,” Dr Al-Jarboo said.
Yousef Al-Benyan expressed his gratitude for the decision and said he would work together with all stakeholders to take the company to the next level globally. He stressed that SABIC would continue to play its national role in support of economic development. The company would leverage its existing resources to drive innovation and promote local content in line with Saudi Vision 2030, Al-Benyan said.
Al-Benyan added, “I extend my thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz for their continuous support to the development of the petrochemicals industry.”
Al-Benyan stressed that SABIC – guided by the aspirations of the Kingdom’s wise leadership and the Saudi Vision 2030 – would seek to raise the level of competitiveness in local industries, support building a knowledge economy through transfer of technology, drive the technology agenda in key areas, and encourage and enable downstream investment. “Our aim is to build Saudi Arabia’s presence in the world as a leading and successful global model of excellence,” Al-Benyan commented.
The CEO added that SABIC will maintain its ambitious growth strategy to accelerate growth and lead localisation efforts. It will focus on new markets, initiate new partnerships that would benefit the national economy and help create new employment opportunities, while upholding Saudi Arabia’s pre-eminent position in the petrochemicals sector.
Al-Benyan thanked Prince Saud bin Abdullah bin Thenayan Al-Saud, and the outgoing board members for their support and guidance. “Prince Ai-Saud had played a significant role in the SABIC’s phenomenal growth down the years,” Al-Benyan concluded.