‘Kingdom heading to become international hub for petrochemicals’

Updated 23 October 2013
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‘Kingdom heading to become international hub for petrochemicals’

Tasnee Chairman Mubarak bin Abdullah Al-Khafrah has said that the petrochemicals companies in Saudi Arabia have their milestone position in world markets. This is because the Kingdom has many privileges that increasingly qualify it to be a global hub for petrochemicals and downstream products, he said, adding that petrochemicals industry is one of the largest nonoil industries in Saudi Arabia.
Saudi Arabia is classified as 11th country around the world in petrochemicals supply. Availability of feedstock, closure to exporting markets in Europe and Asia as well as abundance of energy resources as main factors, contribute to remarkable growth in petrochemicals and downstream industries.
Al-Khafrah, who was speaking on the occasion of the K-SHOW held in Dusseldorf, Germany, said that the huge investments launched by Saudi Arabia to maintain infrastructure have enhanced the Kingdom to be one of the largest producing countries in the Middle East of polyethylene (PE) and polypropylene (PP), which are deemed as key elements used in production of plastic materials.
Al-Khafrah added: “Some global markets are significantly growing and have increased their demand for plastic products causing a higher demand for plastic products, therefore, there is a major progress in all aspects of plastics manufacturing of machineries, equipment, feedstock and semi-finished products, spare parts and relevant services to plastics and petrochemicals manufacturing.”
He said that Tasnee’s first time participation at the K-SHOW was meant to present Tasnee products to about 3,000 exhibiting companies during the period from Oct. 16 to 23, in the presence of a large number of businessmen. Tasnee was one of the largest among 3,000 exhibitors at the K-SHOW, he said.


Abu Dhabi aims to lure start-ups with investment in new technology hub

Updated 24 March 2019
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Abu Dhabi aims to lure start-ups with investment in new technology hub

  • The initiative will help Abu Dhabi reduce reliance on oil
  • Mubadala hopes to attract Chinese and Indian companies

ABU DHABI: Abu Dhabi will commit up to $272 million to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy.

US tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub as the capital of the United Arab Emirates continues its push to reduce reliance on oil revenue.
Abu Dhabi derives about 50 percent of its real gross domestic product and about 90 percent of central government revenue from the hydrocarbon sector, according to ratings agency S&P.
The emirate launched a $13.6 billion stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic. The new initiative, named Hub 71, is linked to Ghadan will also involve the launch of a $136 million fund to invest in start-ups, said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala Investment Co.
The goal is to have 100 companies over the next three to five years, Ajami said. “The market opportunities in this region are immense,” he added.
Mubadala, with assets of $225 billion and a big investor in tech companies, will act as the driver of the hub, located in the emirate’s financial district.
Softbank will be active in the hub and support the expansion of companies in which it has invested, Ajami said, adding that Mubadala is also aiming to attract Chinese and Indian companies, among others.
Mubadala which has committed $15 billion to the Softbank Vision Fund, plans to launch a $400 million fund to invest in leading European technology companies.
Incentives mapped out by the government include housing, office space and health insurance as part of the $272 million commitment, Ajami said.
Abu Dhabi will also announce a new research and development initiative on Monday linked to the Ghadan 21 plan, according to an invitation sent to journalists.