SABIC drives compliance training business ethics programs to boost corporate governance

SABIC drives compliance training business ethics programs to boost corporate governance
The chemical manufacturing major ensures that the e-learning courses reach the right people in its supply chain and that trainees have the tools to follow up if necessary. (Reuters)
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Updated 06 August 2022

SABIC drives compliance training business ethics programs to boost corporate governance

SABIC drives compliance training business ethics programs to boost corporate governance
  • The chemical manufacturing giant led the implementation of a global trade system that allows automated compliance screening of customers

RIYADH: Saudi Basic Industries Corp. and anti-bribery firm Trace International have successfully provided compliance training to 4,500 third-party business partners since July last year to advance corporate governance in the organization.

According to SABIC vice president of legal affairs Naveena Shastri, each of the company’s third-party business partners, which included suppliers, distributors and contract workers, were trained in four to five compliance training sessions, totaling 20,000 sessions.

Of the 20,000 sessions, 18,090 sessions constituted temporary employees. The company also trained 44.3 percent of its temporary workers in the first half of 2022.

A total of 619 training sessions were conducted for SABIC’s suppliers in the second quarter of 2022.

“In any place we operate, we develop ecosystems where doing business with integrity is the norm,” said Shastri.

BACKGROUND

SABIC was awarded the Compliance Leader Verification for 2022 and 2023 from Ethisphere, a global leader in defining and advancing ethical business practices.

The program offers face-to-face or online training in Arabic, with training materials and formats updated regularly. 
By doing this, Shastri said that the company could ensure that its small and medium business partners understand the company’s compliance concepts.

All SABIC employees are required to attend comprehensive compliance training, refresher courses, and special training on specific topics, such as antitrust legislation, fair employment practices, and trade controls, to build the proper foundation for ethical compliance, she added.

In addition, Shastri pointed out that SABIC led the implementation of a global trade system that allows automated compliance screening of customers with applicable international trade sanctions.

Due to the company’s commitment to corporate governance and ethics, the chemical manufacturing major was awarded the 

Compliance Leader Verification for 2022 and 2023 from Ethisphere, a global leader in defining and advancing ethical business practices, Shastri said.

It was the company’s second consecutive year to receive the award following November 2021.

In previous sessions for its suppliers, the speakers elaborated on the importance of an ethical business model and why stakeholders — both global and regional — are increasingly seeking evidence of effective compliance practices.

The company has been collaborating on this front with compliance organizations such as the Pearl Initiative and Nazaha, the Oversight and Anti-Corruption Authority in Saudi Arabia.

Often facilitated by nongovernmental organizations, SABIC also plays a crucial role in cross-industry collaboration. 

It participates in several global, multilateral anti-corruption initiatives, including the annual Business 20, the official business dialogue forum of the Group of 20 nations and the World Economic Forum.

Due to the company’s size, it ensures that the e-learning courses reach the right people in its supply chain and that trainees have the tools to follow up if necessary. “The company builds capacity, awareness, and knowledge in countries where some of these are new compliance concepts, and sets standards that its suppliers must follow to participate in business activities with SABIC,” Shastri concluded.


Dubai sees air travel surge, expects World Cup boost

Dubai sees air travel surge, expects World Cup boost
Updated 17 August 2022

Dubai sees air travel surge, expects World Cup boost

Dubai sees air travel surge, expects World Cup boost
  • The airport handled 160 percent more traffic over the past six months compared to the same period last year

DUBAI: Dubai International Airport saw a surge in passengers over the first half of 2022 as pandemic restrictions eased and the upcoming FIFA World Cup in Qatar will further boost traffic to the city-state’s second airfield, its chief executive said Wednesday.

Paul Griffiths, who oversees the world’s busiest airport for international travel, told The Associated Press that the airport handled 160 percent more traffic over the past six months compared to the same period last year, part of an air travel rebound around the world.

The nearly 28 million people who traveled through the airport over the past six months represent some 70 percent of the airport’s pre-pandemic levels, even as Dubai’s key source market of China remains closed due to severe pandemic restrictions. Griffiths said he expects the airport’s traffic to return to pre-pandemic levels by the end of next year.

“It’s a very, very welcome surge of traffic,” Griffiths said.

The first World Cup in the Middle East, he added, will send foreign soccer fans flocking to Al-Maktoum International Airport at Dubai World Central, or DWC. From there, they will travel daily to Qatar, a tiny neighbor that faces a hotel squeeze.

“We’ve actually seen a huge demand at DWC for slot filings for airlines wanting to operate a shuttle service,” he said. “I think the city has a lot to offer and a lot to gain from the World Cup.”

Among the airlines buying extra slots to shuttle soccer fans to the tournament from DWC are Qatar Airways, low-cost carrier FlyDubai and budget airline Wizz Air Abu Dhabi, he said.

During the first half of 2022, Dubai International Airport dealt with nearly 56 percent more flights than the same period in 2021, when contagious coronavirus variants clobbered the industry.

Now, in a sign of the health of the industry, Emirates said on Wednesday that it would pour billions of dollars into retrofitting much of its Airbus A380 and Boeing 777 fleet. At the height of the pandemic, the airline received a $4 billion government bailout.


Russian consumer prices dip for 6th straight week

Russian consumer prices dip for 6th straight week
Updated 17 August 2022

Russian consumer prices dip for 6th straight week

Russian consumer prices dip for 6th straight week

MOSCOW: Consumer prices in Russia declined for the sixth week running, data showed on Wednesday, as the rubles appreciation in the past few months and a drop in consumer demand weighed on the pace of price growth.

The consumer prices index dipped 0.13 percent in the week to Aug. 15 after easing 0.08 percent a week earlier, the federal statistics service Rosstat said.

Inflation remains high but is slowing after prices of nearly everything, from vegetables and sugar to clothes and smartphones, have jumped sharply since Feb. 24 when Russia sent tens of thousands of troops into Ukraine.

The CPI extended its decline even after the central bank slashed its key rate by 150 basis points to 8 percent last month and indicated it was ready to consider further monetary easing to limit the depth of economic recession.

A separate set of Rosstat’s data showed on Wednesday that the producer price index, the gauge of prices that suppliers are charging their clients, fell sharply in annual terms to 6.1 percent in July from 11.3 percent in June, well below levels above 30 percent seen in April.

High inflation has been the key concern among households for several years as it dents living standards, something that this year will be aggravated by recession in the economy.

Russia’s economy will contract less than expected and inflation will not be as high as projected three months ago, the Economy Ministry forecasts seen by Reuters showed, suggesting the economy is dealing with sanctions better than initially feared.

So far this year, consumer prices have risen 10.72 percent compared with a 4.69 percent increase in the same period of 2021, Rosstat data showed. 


Emirates steps up plans for ‘biggest-ever’ fleet retrofit

Emirates steps up plans for ‘biggest-ever’ fleet retrofit
Updated 17 August 2022

Emirates steps up plans for ‘biggest-ever’ fleet retrofit

Emirates steps up plans for ‘biggest-ever’ fleet retrofit
  • Multibillion-dollar project will aim to refurbish four aircraft per month over next two years

DUBAI: Emirates has moved forward with plans to revamp the interior cabins of 120 Airbus A380 and Boeing 777 aircraft, two of the largest commercial aircraft types in service today.

The multibillion-dollar project will begin in November and will be managed entirely by Emirates Engineering, which aims to totally refurbish four aircraft each month over the next two years.

On completion in April 2025, almost 4,000 new premium economy seats will be installed, 728 first-class suites refurbished and over 5,000 business-class seats  upgraded to a new style and design.

Carpets and stairs will also be upgraded, and cabin interior panels will be given new tones and design motifs, including the ghaf trees native to the UAE.

Emirates said that no other airline has attempted an in-house retrofit of this magnitude. 

Engineering teams have carried out extensive planning and testing to streamline processes, and anticipate any potential roadblocks. 

Trials began on an A380 in July, with engineers disassembling each cabin piece by piece and logging every step.

“From removing seats and paneling to bolts and screws, every action was tested, timed and mapped out,” the airline said on Wednesday.

A cross-disciplinary team has been assembled to monitor the planning process until the start of the project in November.

 


Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2
Updated 17 August 2022

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

RIYADH: Sales in Saudi Arabia’s gold and jewelry sector witnessed a jump of 36 percent, as the economy continues to recover from the pandemic-induced recession, Al-Watan reported.
Consumer spending in the Kingdom also rebounded in the second quarter exceeding SR124 billion ($33 billion) with an annual growth rate of 7 percent, the report added.
Citing recent data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent.


KSA’s drive to localize livestock sector successfully underway: Top official

KSA’s drive to localize livestock sector successfully underway: Top official
Updated 17 August 2022

KSA’s drive to localize livestock sector successfully underway: Top official

KSA’s drive to localize livestock sector successfully underway: Top official

RIYADH: The success rate of Saudi Arabia’s Ministry of Environment, Water and Agriculture localization initiatives has exceeded 50 percent, a top official told Al-Ekhbariya. 

The ministry’s director of localization initiatives, Mosa Al-Kinani, said work is underway to localize professions of beekeeping, fishing, and livestock breeders.

The ministry’s strategy is yielding results as more Saudis are joining the above-mentioned professions.

Kinani said his ministry is working with the Ministry of Human Resources and Social Development to develop appropriate plans to boost the success of the localization drive.