SABIC keen on joint efforts to promote innovation

Updated 16 May 2013
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SABIC keen on joint efforts to promote innovation

Saudi Basic Industries Corporation’s (SABIC) continues to explore collaboration opportunities with national entities to support the Kingdom’s sustainable development, says a top official.
His remarks came as the board of directors of the Saudi Basic Industries Corporation (SABIC) visited the SABIC Center for Research and Innovation (CRI) at the King Abdullah University for Science and Technology (KAUST) in Thuwal on May 13, and King Abdullah Economic City on May 14, in a strong reflection of the company’s commitment to support the Saudi government’s efforts to achieve the country’s growth objectives.
Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu and chairman of SABIC, was leading the delegation.
He was accompanied by Mohamed Al-Mady, vice-chairman and CEO, and high-ranking company executives.
Ernesto Occhiello, SABIC executive vice president, technology and innovation, and Atieh Abu Raqabah, SABIC CRI general manager, received the SABIC team.
Nathmi Al-Nasr, KAUST executive vice president, and Prof Stefan Catsicas, KAUST provost, gave the delegates an introduction to KAUST’s academic progress and its strong partnership with SABIC.
Ernesto Occhiello explained the company’s areas of focus that align with SABIC’s long-term strategic goals.
In a poster session, SABIC T&I scientists explained the recent achievements made at the center, aimed at using science and technology to help face the challenges of water, food, energy and environment for the benefit of the citizens of Saudi Arabia and the world at large.
Prince Saud said: “The visit to KAUST is part of the ongoing collaboration between SABIC and the university aimed at the development and localization of technology.”
Prince Saud added: “Our objectives are in line with Saudi Arabia’s requirements for growth and within the innovation strategy adopted by SABIC.”
He said: “We are proud of what we saw today at the SABIC Center for Research and Innovation, which we have specially established not only to meet our long-term goals, but Saudi Arabia’s as well.”
Throughout SABIC’s journey of growth, he said, the company has endeavored to build a strong research and technology organization.
It was at the forefront in joining the KAUST Economic Collaboration Program, which encourages research partnerships, provides training for members, and helps establish effective economic collaboration in the Kingdom and abroad through capable partners.
These efforts are geared toward promoting a strong scientific and technological culture, strengthening competitiveness, and boosting local research and development capabilities, eventually creating more jobs, he said.
For his part, Al-Mady said the board’s visit to the King Abdullah Economic City comes in line with SABIC’s strategy to explore collaboration opportunities with national entities to boost Saudi Arabia’s industrial sector.
“It demonstrates our continuing participation in the overall development plans of the Kingdom, further growing the industrial sector, helping achieve sustainable development and providing more job opportunities to Saudi nationals,” he said.


Toys ‘R’ Us Australia stores to close after failing to sell

Updated 1 min 47 sec ago
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Toys ‘R’ Us Australia stores to close after failing to sell

SYDNEY: Australian stores of US chain Toys ‘R’ Us will shut down after administrators said Wednesday they were unable to find a buyer, the latest victim of the growth of online retail.
Toys ‘R’ Us Australia was put into administration last month after a failed auction to sell the stores, just months after the retailer’s US and British stores wound down their activities.
Administrators McGrathNicol had kept the 44 Toys ‘R’ Us and Babies ‘R’ Us outlets in the country open as they searched for a buyer or looked for options to recapitalize the business, without success.
“Despite productive discussions with a number of interested parties, all of the parties have now advised the administrators that they have withdrawn from the sale process,” McGrathNicol said in a statement.
“Therefore a going-concern sale will not be achieved and the business will now be wound down.”
Existing stock will be sold off at the stores as they close in the next few weeks. The closures will also see 700 staff lose their jobs.
Founded in 1948 as a small child care store in Washington, DC, Toys ‘R’ Us evolved into one of the world’s most recognizable kids’ brands.
But like other bricks-and-mortar retailers, it has struggled amid the rise of e-commerce and an Internet buying culture.
Toys ‘R’ Us announced in March that it would liquidate its US operations and shut down all 735 stores. The British arm of the embattled retailer said in February it was winding down its activities.