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.


TASI dives in September as recession fears mount: Monthly Recap

TASI dives in September as recession fears mount: Monthly Recap
Updated 15 sec ago

TASI dives in September as recession fears mount: Monthly Recap

TASI dives in September as recession fears mount: Monthly Recap

RIYADH: The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session.  

This is despite closing the last session of September in green, with a 2.11 percent gain.

The monthly decline was led by a 9.23 percent drop in oil giant Saudi Aramco, and a 23.23 percent decline in Rabigh Refining and Petrochemical Co.

Also during the month, Saudi Arabia’s utility developer ACWA Power dropped 5.84 percent, while Saudi Electricity Co. declined 7.15 percent.

In the financial sector, the Kingdom’s highest valued bank, Al Rajhi, shed 12.29 percent, while Alinma Bank fell 9.09 percent.

The Saudi National Bank, the Kingdom’s largest lender and a major market player, dropped by 12.48 percent, while Saudi British Bank fell 9.52 percent,

Among the Kingdom’s information technology firms, Elm Co. decreased 5.16 percent, while Al Moammar Information Systems Co. declined 9.79 percent.

Saudi pharma operator Nahdi lost 3.83 percent for the month, while its rival Aldawaa Medical Services Co. gained 3.9 percent.

Dallah Healthcare Co. topped the month gainers with a 26.91 percent gain, while Mouwasat Medical Services Co. led the fallers with a 16.92 percent decline.

At the end of September, the main index dropped below 11000 for the first time in over 9 months in response to the Saudi Central Bank raising interest rates in line with the Fed's steep rate hike.

Speaking to Arab News, Saudi economist Ali Alhazmi said that the rate hike is not the only factor for this decline.

“The decline is also from the uncertainty about the global economics, or also the decline of growth and the existence of recession in major economies, especially the US and the EU,” he said, adding: “We cannot avoid the continued closure in China, which affects supply chains. We also have the ongoing war between Russia and Ukraine.”

Ultimately, he concluded that the market direction is unpredictable, but he anticipated the decline to continue this week.

Fawaz Al-Fawaz, a Saudi-based independent economist and columnist, believes that the market will continue to shift.

“The markets are likely to continue to be volatile and in jittery mode until inflation is under control.”


flynas launches direct flights to Mumbai from Riyadh and Dammam

flynas launches direct flights to Mumbai from Riyadh and Dammam
Updated 6 min 10 sec ago

flynas launches direct flights to Mumbai from Riyadh and Dammam

flynas launches direct flights to Mumbai from Riyadh and Dammam

RIYADH: Low-cost Saudi airline flynas has announced the launch of new direct flights from Riyadh and Dammam to Mumbai as the Kingdom’s aviation sector continues to expand.

flynas will operate flights from Riyadh’s King Khalid International Airport to Mumbai beginning Oct. 20, and flights from Dammam’s King Fahd International Airport will start from Oct. 31, according to a press release. 

The flights will be available on Saturdays, Mondays, Tuesdays and Thursdays.

Earlier this year, during an exclusive interview with Arab News, CEO of flynas Bander Al-Mohanna said the strategic goal of the airline is to connect the world to the Kingdom to contribute to realizing the civil aviation strategic plan and achieving the goals of Saudi Vision 2030.

According to the civil aviation strategic plan, the Kingdom is aiming for 330 million passengers annually and 250 destinations around the world by 2030.

flynas recently announced the resumption of its direct flights between Jeddah and Karachi, starting from Oct. 30, with three weekly flights, on Saturdays, Sundays and Tuesdays.

The press release noted that flynas has succeeded in increasing the number of aircraft to 38 in June 2022 compared to 25 in January 2021.

The low-cost airline also witnessed a surge in passenger traffic, as it carried about 4 million passengers during the first half of 2022 up from about 1.8 million in the same period last year.

Currently, flynas has more than 70 domestic and international destinations, and since its establishment in 2007, the airline has transported more than 60 million passengers.


Saudi Arabia scores record leap in UN’s E-Government Development Index ranking

Saudi Arabia scores record leap in UN’s E-Government Development Index ranking
Updated 24 min 19 sec ago

Saudi Arabia scores record leap in UN’s E-Government Development Index ranking

Saudi Arabia scores record leap in UN’s E-Government Development Index ranking

RIYADH: Saudi Arabia has achieved the highest leap in the UN’s E-Government Development Index since its inception more than 20 years ago. 

The Kingdom has advanced 12 places, to be ranked 31st this year, compared to 43rd in 2020, the Saudi Press Agency reported.

The index is considered to be an important international indicator that measures the extent of the development of digital governments in the areas of electronic services, communications, infrastructure and human capital worldwide.

The results of the EGDI were announced on Wednesday on the sidelines of the UN’s General Assembly in New York.

The Saudi Minister of Communications and Information Technology attributed the leaps to the efforts of the government agencies, and the adoption of modern digital solutions by launching many initiatives and products to serve the beneficiaries.

The Kingdom came among the best countries in the world in terms of providing government services information and sharing open government data to citizens and business sectors by 100 percent.

The report also praised the maturity of government digital organizations, reaching 96 percent, and the quality of digital specifications for government services, which scored  94 percent.

The availability and spread of digital government services reached 81 percent.

Saudi Arabia advanced 23 places globally in participation and electronic consultations directed to individuals and business sectors to explore their views on legislation and regulations with economic and social impact.

In February, digital transformation spending by Saudi Arabia reached SR12 billion ($3.19 billion) a year, according to Turki Al-Manea, executive director of investment at the Kingdom’s Digital Government Authority.

The money is being invested in cloud computing, new emerging technologies, and open source government software, Alarabiya reported.


Volkswagen prices Porsche shares at top tier range on strong demand

Volkswagen prices Porsche shares at top tier range on strong demand
Updated 46 min 29 sec ago

Volkswagen prices Porsche shares at top tier range on strong demand

Volkswagen prices Porsche shares at top tier range on strong demand

RIYADH: Volkswagen-owned Porsche is set to price its initial offering of stock at the high end of the planned range, Bloomberg reported

The share price was set at $80 per share, valuing the company at $73 billion, as it aims to pull off Europe’s largest initial public offering in a decade despite the turmoil in capital markets.

Porsche opens its Frankfurt stock market trading on Thursday, Sep. 29, for the first time.

The sale will help Volkswagen fund its electrification push, while investors get an emotional brand akin to Ferrari NV, which also separated from parent Fiat in 2015.

“If you can pull off an IPO in such a difficult market, it shows the attractiveness of the business,” Jefferies analyst Philippe Houchois told Bloomberg.

“Porsche is a mature, well-known business that doesn’t need to raise capital. Putting it on the market as a fully formed business –- being able to pull that off is quite impressive.”

The company is targeting revenue of up to $37 billion this year and a return on sales of up to 18 percent, up two percentage points from last year. Returns are to climb above 20 percent in the long term.


Saudi Arabia's ACWA Power’s investment exceeds $67m: CFO

Saudi Arabia's ACWA Power’s investment exceeds $67m: CFO
Updated 52 min 59 sec ago

Saudi Arabia's ACWA Power’s investment exceeds $67m: CFO

Saudi Arabia's ACWA Power’s investment exceeds $67m: CFO

RIYADH: Saudi Arabia’s utility developer ACWA Power currently holds over a $67 billion investment portfolio, revealed its chief financial offier.

The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages.

In the UAE, it has invested $10 billion in renewable energy, water desalination, and clean gas projects, Abdulhameed Al-Muhaidib told CNBC Arabia.

It is expected that the financial results for these projects will be announced this year, he added.