The Dow Chemical Company (Dow) recently became the first company to receive a trading license from the Government of Saudi Arabia, allowing 100% ownership in the country’s trading sector, expanding Dow’s long history of partnership and investment in the Kingdom.
The trading license advances Dow’s ability to deliver high value, innovative products that will benefit Saudi Arabia in the areas of sustainable development, energy efficiency, oil and gas, alternative energy and water. Saudi Arabia recently approved the issuance of trading licenses to companies outside of the Kingdom in alignment with the country’s strategy to diversify its economy and address challenges brought by lower global energy prices.
“Dow is truly honoured to be the first company to receive a trading license and advance our legacy of strategic partnerships and investments in the Kingdom,” said Andrew N. Liveris, Dow’s Chairman and Chief Executive Officer. “Dow has been a strategic partner in Saudi Arabia for nearly 40 years and we look forward to playing a key role in helping advance the Saudi’s Vision 2030 plan designed to create a vibrant society and a thriving diversified economy.”
His Royal Highness, the Deputy Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud, presented the trading license directly to Liveris at the Royal Embassy of Saudi Arabia in Washington, D.C., and in the presence of His Excellency, Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, and His Excellency, Khalid Al-Falih, Minister of Energy and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco.
Dow is the largest foreign investor in Saudi Arabia, and maintains several joint ventures (JV) in the region including a JV with Juffali & Brothers, and Saudi Acrylic Monomer Company (SAMCo). Additional strategic investments in the country include Sadara Chemical Company (Sadara), Dow’s JV with Saudi Arabian Oil Company (Saudi Aramco), agreements with King Abdullah University of Science and Technology (KAUST) to construct a new Dow Middle East Research and Development Centre, and a reverse osmosis manufacturing facility – the first unit of its kind outside of the US.
Dow currently has more than 500 employees in Saudi Arabia. The trading license is expected to create additional employment opportunities for the highly educated Saudi workforce, with a particular focus on improving women’s participation in the local workforce.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/17062016/kingdom-of-saudi-arabia-awards-dow-chemical-company-first-trading-license-3537/