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SABIC Committed to Investment Plans

SABIC Vice Chairman and CEO Yousef al-Bunyan attends the Saudi-India Forum in New Delhi, India. (File photo/Reuters)
SABIC Vice Chairman and CEO Yousef al-Bunyan attends the Saudi-India Forum in New Delhi, India. (File photo/Reuters)
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SABIC Committed to Investment Plans

SABIC Vice Chairman and CEO Yousef al-Bunyan attends the Saudi-India Forum in New Delhi, India. (File photo/Reuters)
SABIC Vice Chairman and CEO Yousef al-Bunyan attends the Saudi-India Forum in New Delhi, India. (File photo/Reuters)

Saudi Basic Industries Corp's (SABIC) investment plans will not be affected by oil giant, said SABIC Vice Chairman and CEO Yousef al-Bunyan.

Aramco's purchase of a 70 percent stake in the company would look to integrate assets with Aramco to boost growth, Bunyan told Reuters Friday.

Saudi Aramco, the world's largest oil producer, agreed on Wednesday to buy the stake in SABIC from the Public Investment Fund (PIF) for USD69.1 billion in one of the biggest deals in the global chemical industry.

The deal will take six to 12 months to complete, and there won't be any layoffs, change in management or impact on SABIC's balance sheet, he told Reuters in a phone interview.

"Once the anti-trust clearance is obtained, then immediately we will put a team together to look at areas of synergies in order for us to leverage our shareholder value," he said.

Meanwhile, SABIC participated in Boao Forum for Asia (BFA) Annual Conference 2019 for the sixth time in a row, where it shed light on the need for joint development.

Chairman of SABIC Dr. Abdulaziz Saleh Aljarbou said that the old measures are no more sufficient to meet today’s needs, amid the changes in the economic scene. Therefore, regional cooperation has become more important than any other time to achieve sustainable and comprehensive growth.

Bunyan pointed out that China and Asia still represent a strategic market for SABIC amid keenness of relevant main bodies in the region to deepen joint work for the sake of achieving effective cooperation among territories.

SABIC pavilion presented details of its innovative solutions that support the circular economy, provide environmental protection and reinforce energy consumption in various sectors.

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New Legislation Facilitates Investment in Saudi Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
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New Legislation Facilitates Investment in Saudi Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)

Saudi Minister of Tourism Ahmed Al-Khatib said, in an interview with Asharq Al-Awsat, that work is underway on new regulations and legislation that will facilitate the investment process in the Kingdom.
Saudi Arabia is witnessing a major transformation in the tourism sector after it enacted and developed a number of regulations and launched mega projects that allowed the country to attract more than 100 million visitors last year, the target initially set for 2030.
During a press conference on Wednesday at the Abu Faraj heritage palaces in Al-Aziza, west of the city of Abha in the southern Aseer region, Al-Khatib revealed the ministry’s moves to provide appropriate long-term funding at a competitive cost in order to encourage investment in the Saudi tourism system.
In his remarks to Asharq Al-Awsat, the minister pointed to the most prominent achievements in the sector, revealing that the Kingdom received 60 million visitors during the first half of 2024, with spending amounting to SAR 143 billion ($38.1 billion), recording about 10 percent growth in the number of tourists and spending.
He added that by the end of the first half of this year, the sector’s contribution to the gross domestic product had reached 5 percent, and was moving steadily toward achieving 10 percent, which is equivalent to SAR 600-700 billion of tourism income.
Moreover, Al-Khatib also spoke about the launch of the Bachelor of International Hospitality Management program, a partnership between the Ministry of Tourism, King Khalid University, and Hong Kong Polytechnic University.
He noted that a memorandum of understanding was signed between the Ministry of Tourism and the Colleges of Excellence Company, with the aim of developing human capabilities and expanding international specialized technical colleges and strategic partnership institutes in the field of tourism and hospitality.
Al-Khateeb said 10,000 training opportunities both inside and outside the Kingdom would be allocated to those working in the Aseer region’s tourism sector.
The National Tourism Strategy aims to reach over 150 million local and international tourists by 2030. In 2023, it reached 109 million.
The minister added: “The Tourism Development Fund plays an important role in providing financing, allocating SAR 7.4 billion to enable over 100 tourism projects around the Kingdom with a value exceeding SAR 35 billion.”
He pointed out that the fund financed 10 major projects in the Aseer region, ranging from international hotels to multi-use projects with a value exceeding one billion riyals. International hotel brands included: InterContinental Residence in Abha, DoubleTree in Khamis Mushait Governorate, and Khayal Walk Boulevard.