Dow lauded for its contributions to KSA’s economic development

Updated 20 May 2017
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Dow lauded for its contributions to KSA’s economic development

The Dow Chemical Co. was commended by Eastern Province Gov. Prince Saud bin Naif Al-Saud for the company’s outstanding contributions to economic development and Saudization in the region.
A plaque in recognition was presented by the prince to Johanna Soderstrom, corporate vice president of human resources at Dow, and Jim McIlvenny, president of Dow India, Middle East, Africa and Turkey, during a ceremony at the governor’s office.
Charles Swartz, president of Dow Saudi Arabia, also attended the event.
On this occasion, McIlvenny said: “We are most grateful for the support and recognition by Prince Saud. Dow has had a presence in the Kingdom for more than 40 years, and in the past five years, we have provided technology specific trainings for over 1,000 young Saudi talents in various Dow locations around the world.
“We are most impressed with their qualities and their ability to learn and innovate. As a result, we have been able to start up one of our most advanced ‘Reverse Osmosis’ (RO) manufacturing facilities in Jubail, with 99 percent Saudi employees. The facility is already setting quality and production records.”
Soderstrom said: “With the Saudi government’s launch of Vision 2030, we see unprecedented opportunities to participate in various sectors to support the national priorities, upskill the Saudi workforce, and provide technology solutions that help solve local challenges in the Kingdom. In particular, we’ll continue to look for collaborative opportunities to equip young talented Saudi men and women for the jobs of the future.”
“Our vision is to be the partner of choice for sustainable growth and innovation in the Kingdom. With Dow’s global and regional experience and expertise, we have unmatched capabilities to deliver high value, innovative solutions that support the Kingdom in key areas, such as sustainable development, energy efficiency, oil and gas, alternative energy and water,” Swartz said.
Started up in December, 2015, Dow’s first and only Reverse Osmosis element production facility outside of North America resides in the Sadara Chemical Complex in Jubail.
The plant manufactures high-tech RO elements for demineralizing brackish water or desalinating seawater for a variety of sectors and industrial applications, including water treatment, power generation, food and beverage processing, municipal desalination and water reuse. It serves customers around the world, especially growth regions such as the Middle East and Africa, Eastern Europe, India, China and Southeast Asia.


ADIB becomes first bank to join UAEIIC

Updated 23 June 2018
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ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.

Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.

Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”

He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”

Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”

He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”