Published — Monday 26 November 2012
Last update 27 November 2012 5:17 pm
Saudi Basic Industries Corporation (SABIC) and its joint venture partner ExxonMobil hosted a symposium promoting rubber industry downstream development at SABIC headquarters in Riyadh recently.
Industry experts from around the world delivered topics ranging from technical applications to investment opportunities in a downstream rubber market in Saudi Arabia. The goal was to deliver all the applicable information needed to generate interest in developing this market.
Prince Turki bin Mohammed bin Nasser bin Abdulaziz, international relations manager of the Ministry of Commerce and Industry, was among the dignitaries at the symposium. The event was largely attended by government representatives, current rubber converters as well as related industry players who are seeking ways to diversify their business, besides prospective entrepreneurs looking to enter this market.
In his keynote speech titled “New Industry Opportunities in Saudi Arabia,” Prince Turki highlighted the competitive advantages that local converters enjoy as against external competitors.
Mohamed Al-Mady, SABIC vice chairman and CEO, said: “Creating an efficient and competitive value chain for synthetic rubber is our focus in this initiative. The institution of a strong rubber goods industry in Saudi Arabia will be the single most significant hallmark of success in this endeavor. It is crucial that we inspire the entrepreneurial spirit that will spark innovation in the Kingdom and propel its economy forward,” he said.
Koos van Haasteren, SABIC EVP, performance chemicals, said that one of the key features of development support is the SABIC Plastics Application Development Center (SPADC). “This state-of-the-art facility at the Riyadh Techno Valley, King Saud University, will be the largest center of its kind in the Middle East to support customers in characterization, processing and applications like mixing, extrusion, and injection molding capabilities.”
Mohammed A-Wakeel, GM Functional Polymers, said, “We had an excellent turnout at this first synthetic rubber symposium. We presented business cases for downstream investors in Saudi Arabia to consider. The symposium provided strong guidance to investors to help them set up future rubber processing companies in the Kingdom.”