SAGIA classifies Sadara as strategic

Updated 21 June 2015
0

SAGIA classifies Sadara as strategic

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 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,” Al-Labban added.
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.


ITFC agreements eye trade boost

Updated 26 April 2018
0

ITFC agreements eye trade boost

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, recently signed several agreements on the sidelines of the 43rd meeting of the board of governors of the IDB Group in Tunis. The agreements, worth more than $4 billion, aim to support the import of strategic commodities for a number of its member countries, namely Tunisia, Cameroon, Pakistan, Senegal and Togo.

A pledge agreement was also signed with the African Export-Import Bank (Afreximbank) amounting to $100,000 annually to assist in financing the implementation of the Arab-Africa Trade Bridges program’s activities for the coming five years.

The ITFC signed a three-year framework agreement worth $1.5 billion with Tunisia to mobilize financial resources from international and regional banks and financial institutions to finance the import of essential commodities such as crude oil and petroleum products.

Three syndicated Murabaha agreements were also signed with three African nations. These include €68 million ($84 million) for the purchase of crude oil and petroleum products for Cameroon, $22 million to support Togo’s energy sector, and $50 million to finance Senegal’s 2017-2018 groundnut campaign.

The ITFC and Pakistan signed two agreements: A three-year framework agreement worth $4.5 billion aimed at ensuring close cooperation and coordination of efforts between the government and ITFC and to pave the way for a strategic partnership between the parties; and a financing agreement worth $283 million for the purchase of crude oil and petroleum products.

ITFC CEO Hani Salem Sonbol said the agreements aim at the socioeconomic and trade development of these countries.