In an appearance at the Euromoney Saudi Arabia Conference in Riyadh on May 3, SABIC Chief Financial Officer Mosaed Al-Ohali praised the Kingdom’s just-announced Vision 2030 economic transformation program.
He said SABIC is prepared to play its role by enhancing the investment environment for petrochemicals and downstream industries.
Success, he noted, will require unprecedented collaboration — not only between large enterprises such as SABIC and Saudi Aramco, but also between banks, insurers, academia and all the players in the industry value chain.
“The national transformation vision is built on several pillars,” Al-Ohali said in a one-on-one interview with Euromoney’s Christopher Garnett. “These include transparency, efficiency, diversification and human development.”
He added: “Our 2025 strategy at SABIC as it was developed in 2013 comes into clear and direct support of the key foundational pillars of the Kingdom’s vision. SABIC’s strategy is built on four pillars — good financial performance and growth supporting the 2030 vision of diversifying income, good support for our communities supporting 2030 vision of value creation to the Saudi population, and innovation leadership supporting the transformation of Saudi society toward a knowledge-based economy.”
To create value, he said, businesses across sectors will need to collaborate more closely than ever before.
“There is a saying that ‘it takes a village to raise a child,’” he said. “Building a more competitive, sustainable and suitable environment for investment, growth, and development in the Kingdom will require collaboration on a vast scale.”
Addressing SABIC’s specific role, Al-Ohali said the company always strives to maintain excellent financial performance.
“In line with the Kingdom’s drive for increasing transparency, we are this year completing the International Financial Reporting Standards (IFRS) Convergence Plan,” he said. “It requires publicly listed entities in the Kingdom to report under IFRS starting Jan. 1 of next year.”
He said SABIC is prepared to play its role by enhancing the investment environment for petrochemicals and downstream industries.
Success, he noted, will require unprecedented collaboration — not only between large enterprises such as SABIC and Saudi Aramco, but also between banks, insurers, academia and all the players in the industry value chain.
“The national transformation vision is built on several pillars,” Al-Ohali said in a one-on-one interview with Euromoney’s Christopher Garnett. “These include transparency, efficiency, diversification and human development.”
He added: “Our 2025 strategy at SABIC as it was developed in 2013 comes into clear and direct support of the key foundational pillars of the Kingdom’s vision. SABIC’s strategy is built on four pillars — good financial performance and growth supporting the 2030 vision of diversifying income, good support for our communities supporting 2030 vision of value creation to the Saudi population, and innovation leadership supporting the transformation of Saudi society toward a knowledge-based economy.”
To create value, he said, businesses across sectors will need to collaborate more closely than ever before.
“There is a saying that ‘it takes a village to raise a child,’” he said. “Building a more competitive, sustainable and suitable environment for investment, growth, and development in the Kingdom will require collaboration on a vast scale.”
Addressing SABIC’s specific role, Al-Ohali said the company always strives to maintain excellent financial performance.
“In line with the Kingdom’s drive for increasing transparency, we are this year completing the International Financial Reporting Standards (IFRS) Convergence Plan,” he said. “It requires publicly listed entities in the Kingdom to report under IFRS starting Jan. 1 of next year.”
