The members of SABIC’s Board of Directors were approved for a new term until April 2022 at an Ordinary General Assembly meeting held at the company headquarters in Riyadh on April 9.
Dr. Abdulaziz Aljarbou was named as SABIC Chairman and Yousef Al-Benyan as Vice Chairman and CEO.
SABIC has played a key role in the petrochemical industry and has maintained its leadership in the sector. It is the third largest diversified chemical company in the world with its products reaching more than 100 countries and operations in around 50 countries.
SABIC has the highest independent credit rating as per the world’s top three credit rating agencies, and has been placed among the top three global chemical companies. The company’s assets reached $85 billion by the end of 2018 and a market value of $93 billion. Its annual sales touched $45 billion and net income $5.7 billion. It had a share of 34.5 percent in the Kingdom’s non-oil sector.
Al-Jarbou appreciated the SABIC General Assembly’s decision and said he would greatly benefit from the expertise in various areas available in the company. He hoped to build on the successes achieved by this national symbol of excellence to ensure its continued growth and development.
Al-Benyan also welcomed the decision to rename him as the Vice Chairman and CEO and appreciated the assembly’s trust in him. He reiterated that he would work together with all stakeholders to take SABIC to even greater heights among global companies.
He stressed that SABIC would continue to play a key national role by supporting various economic sectors through various initiatives, including promoting local content, advancing innovation, and supporting technology transfer to the Kingdom to achieve the objectives of Saudi Vision 2030.
