The Saudi Basic Industries Corporation (SABIC) was established by Royal Decree No. M/66 on September 6, 1976, and is owned by the government of the Kingdom of Saudi Arabia. It was registered as a Saudi joint-stock company under Commercial Registration No. 10813 on January 4, 1977.
In 1984, 30 percent of the company's shares were offered for public subscription, with citizens of the Kingdom and other Gulf Cooperation Council countries subscribing.
On March 27, 2019, the Public Investment Fund signed a share purchase agreement with Saudi Aramco, under which Saudi Aramco would acquire the entire share of the government of the Kingdom. The transaction was completed on June 16, 2020.
SABIC, headquartered in Riyadh City, is ranked among the world's top ten petrochemical companies and is the largest non-oil industrial company in the Middle East.
SABIC aims to invest in natural gas and is distinguished by its diverse industrial activities, which include chemicals, petrochemicals, metals, and fertilizers. The company aims to meet the needs of local production sectors in various industrial, agricultural, and construction fields, in addition to its primary role in global exports.
SABIC has continued to grow since its establishment, with total production reaching 6.3 million t in 1985 and increasing to fifty-eight million t by 2021, with a steadily rising annual rate. The company is considered the second most valuable brand in the chemical industry and is following a strategic approach to becoming the leader in its field.
Related quizzes
Related articles
