Saudi Arabia Basic Industries Cooperation (SABIC) has become the only company in the Arab world to make it to the prestigious Top 100 Global Energy Leaders rankings by Thomson Reuters.
Thomson Reuters says this about the companies it recognizes:
“Companies that rise to the top of this list are the resurgence organizations that best succeed across the limits at the intersection of regulation and commerce. They are the energy industry’s decathletes. They embrace the challenge of outsizing business complication with the expertise and agility to stay one step ahead of persistent change.”
SABIC is a diversified manufacturing company which is active in fertilizers, metals, chemicals and intermediates and industrial polymers. It is Saudi Arabia’s largest public company as listed on Tadawul, the Saudi Stock Exchange. 70% of the company’s shares are owned by the Saudi government. Known as the largest company in the Middle East, the bulk of SABIC’s private shareholders are from Saudi Arabia and the other five neighbouring countries that form the Gulf Cooperation Council (GCC).
In 2013, SABIC was listed as the fourth largest chemical producer in the world. Today the company is recognized as the second biggest ethylene glycol producer on the globe. With the introduction of new projects expected soon, it is envisaged that the company will soon top that list.
Currently the company is positioned as the third biggest polyethylene manufacturer in the world, the fourth largest polypropylene manufacturer, and the fourth biggest polyolefin manufacturer.
SABIC was ranked fourth among chemical companies in the world by Fortune Global 500 in 2014, and also the 205th largest corporation in the world. On the Forbes Global 2000 ranking of 2014, SABIC was ranked 98th -with assets of $90.4 billion, profits of $6.7 billion, and sales revenue of $50.4 billion. The Forbes Global 2000 ranking lists only publicly traded companies. The company that is headquartered in Riyadh owns interests in 17 linked companies, ranging from full ownership to significant partial participation.
SABIC was created in 1976 by a royal decree to transform oil by-products into useful chemicals, fertilizers and polymers. The founding of SABIC transformed the small fishing villages of Jubail, which is on the Persian Gulf and Yanbu, situated on the Red Sea into modern industrial cities.
Today the company has more than 40,000 employees and over 60 manufacturing and compounding plants situated in over 40 countries, with innovation hubs in five main locations namely The United States, Europe, Middle East, North East Asia and South East Asia.