21 June 2016
JEDDAH: Dow Chemical Company spokeswoman Sarah Blodjett said the company is expected to begin quality studies in the coming days for the establishment of a logistics center in the Kingdom for its products.
Her statement came days after Deputy Crown Prince Mohammed bin Salman personally delivered commercial licenses to Dow Chemical Company, permitting it 100 percent ownership in the commercial sector in Saudi Arabia.
Blodjett said the licenses obtained by the company will support employment opportunities in the Kingdom, and will allow the company to provide the best services to local customers through innovative products that will benefit the Kingdom in fields of sustainable development. She said the company aims to focus specifically on improving the participation of women in the domestic labor force.
The license represents a significant success for the company in the Kingdom she said, as the company has proven to be a real player in the growth of the economy and petrochemicals sector for quite some time.
The license represents key importance to the company at this time in light of economic reforms being undertaken by the Kingdom to change its dependence from oil to other diversified income sources, said the spokeswomen.
"The license will allow Dow to benefit the Kingdom in the areas of sustainable development, energy efficiency, oil and gas, alternative energy, and water while the company will also help advance the strategic priorities in the Kingdom in support of Vision 2030," she said.
"Dow combines the power of science and technology to innovate what is needed for human progress, and the company is driving innovations to extract value from material, polymer, chemical and biological sciences to address the world's challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity."
The company's 6,000 plus products are manufactured at 179 sites in 35 countries, with annual sales reaching $49 billion in 2015, and employees reaching around 49,500 people around the world.
The deputy crown prince is currently on a visit to the United States to meet with top US economic and trade officials and discuss the future of the Saudi economy, and means of opening the market and expanding more active investment and activity to move the economy further away from oil dependence.
American firms top the list of companies invited to enter the Saudi market, due to the historic presence of American commercial activity in the Kingdom and longstanding economic ties between the two countries.
During his visit, Prince Mohammed has been speaking with US officials and presenting investors opportunities to invest in the Kingdom with strong returns. He is accompanied by Minister of Energy Khalid Al-Falih, Minister of Foreign Affairs Adel Al-Jubeir, Minister of Culture and Information Adel Al-Toraifi, Minister of Finance Ibrahim Al-Assaf and Minister of Commerce and Investment Majid Al-Qassabi.
The Saudi Press Agency reported that an invitation has been sent to American companies to increase their investments in the Kingdom in a secure economic environment.
The number of American companies in the Saudi market increased to 360 this year, an increase of 7 percent as compared to last year, as nearly 25 new companies entered the market this year. Activities of these companies are based in different sectors, including oil and gas, electricity, water, basic infrastructure, health and others.
JEDDAH: Dow Chemical Company spokeswoman Sarah Blodjett said the company is expected to begin quality studies in the coming days for the establishment of a logistics center in the Kingdom for its products.
Her statement came days after Deputy Crown Prince Mohammed bin Salman personally delivered commercial licenses to Dow Chemical Company, permitting it 100 percent ownership in the commercial sector in Saudi Arabia.
Blodjett said the licenses obtained by the company will support employment opportunities in the Kingdom, and will allow the company to provide the best services to local customers through innovative products that will benefit the Kingdom in fields of sustainable development. She said the company aims to focus specifically on improving the participation of women in the domestic labor force.
The license represents a significant success for the company in the Kingdom she said, as the company has proven to be a real player in the growth of the economy and petrochemicals sector for quite some time.
The license represents key importance to the company at this time in light of economic reforms being undertaken by the Kingdom to change its dependence from oil to other diversified income sources, said the spokeswomen.
"The license will allow Dow to benefit the Kingdom in the areas of sustainable development, energy efficiency, oil and gas, alternative energy, and water while the company will also help advance the strategic priorities in the Kingdom in support of Vision 2030," she said.
"Dow combines the power of science and technology to innovate what is needed for human progress, and the company is driving innovations to extract value from material, polymer, chemical and biological sciences to address the world's challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity."
The company's 6,000 plus products are manufactured at 179 sites in 35 countries, with annual sales reaching $49 billion in 2015, and employees reaching around 49,500 people around the world.
The deputy crown prince is currently on a visit to the United States to meet with top US economic and trade officials and discuss the future of the Saudi economy, and means of opening the market and expanding more active investment and activity to move the economy further away from oil dependence.
American firms top the list of companies invited to enter the Saudi market, due to the historic presence of American commercial activity in the Kingdom and longstanding economic ties between the two countries.
During his visit, Prince Mohammed has been speaking with US officials and presenting investors opportunities to invest in the Kingdom with strong returns. He is accompanied by Minister of Energy Khalid Al-Falih, Minister of Foreign Affairs Adel Al-Jubeir, Minister of Culture and Information Adel Al-Toraifi, Minister of Finance Ibrahim Al-Assaf and Minister of Commerce and Investment Majid Al-Qassabi.
The Saudi Press Agency reported that an invitation has been sent to American companies to increase their investments in the Kingdom in a secure economic environment.
The number of American companies in the Saudi market increased to 360 this year, an increase of 7 percent as compared to last year, as nearly 25 new companies entered the market this year. Activities of these companies are based in different sectors, including oil and gas, electricity, water, basic infrastructure, health and others.
© Arab News 2016
