Saudi Basic Industries Corporation (SABIC) is a strategic enabler of growth and job creation, playing a decisive part in Saudi Arabia’s socio-economic development, according to SABIC vice-chairman and CEO Muhammad al-Mady. In a keynote address to the 7th MIT Pan Arab Conference in Dubai on 19 January, he said that with 19 production complexes in Saudi Arabia, SABIC’s manufacturing has had a direct impact on job creation by spawning several related production and services industries.
In 2011, said Mr Mady, SABIC’s direct value-added contribution to national GDP was about 2%, its private sector contribution was about 9% and its contribution to the industrial non-oil sector was 34%. “SABIC takes the process of employing local talent seriously,” he said. “More than half of SABIC’s global workforce of 40,000 is based in Saudi Arabia, with a Saudization rate of nearly 90%. Moreover, we have gone beyond our own manufacturing units to localize jobs. We are working with our contractors to maximize their employment of capable Saudis.” (CONTINUED - 693 WORDS)