Saudi Arabian Basic Industries Corporation (SABIC) aims to become a leading multinational company through more overseas acquisitions. “SABIC plans to grow more through acquisitions. We are now active in every major market in the world. We have purchased major operations in Europe and eyeing more acquisitions,” said Abdullah Saeed Bazid, SABIC vice president for Shared Services. He delivered the keynote address during the 5th Supplier Recognition Award Ceremony held Wednesday at the company's headquarters here in Jubail. SABIC awarded 46 local, regional and international suppliers who shared the about SR.20 billion total purchases made in 2007. “We bought General Electric Plastics last year, turning it into a new corporate group called SABIC Innovative Plastics,” Bazid said. He said SABIC has the vision of becoming the preferred global supplier of chemicals by the year 2020. “And to make that vision real, we have embarked on an ambitious growth strategy.” That growth strategy includes more overseas acquisitions. Bazid said the overseas acquisitions have added new ranges of products that the company now offers in the international market. “SABIC today is the first global multinational headquartered in the Middle East,” he told officials and representatives of the awardees. He said while overseas expansion is a core objective, SABIC is also committed to the highest possible health, safety and environmental standards, adding that it expects the same standards from suppliers and service providers. “SABIC now emphasizes innovation and the adding of value, while at the same time delivering on our social responsibilities to our community in terms of health, environmental protection, safety and enabling our community achieve its aspiration for sustainable development and growth,” Bazid stressed. He cited one of the awardees, Mohammed Al-Qahtani, who founded the metal recycling company Al-Qaryan, who has become a top supplier of scrap metal to Saudi Iron & Steel Company (Hadeed) and at the same time supporting the environmental protection programs of the Kingdom. “It is Saudi companies like Al-Qaryan whom we wanted to partner with because, like SABIC, they know their social responsibilities to our community in terms of health and environment.” As SABIC presence overseas expands, growth has been steady as well, according to Bazid. He the company realized SR126 billion revenue in 2007, an increase of 45 percent over the previous years; while net profit rose to SR27 billion, an increase of 33 percent over the previous year. Company production also hiked to 55.2 million metric tons last year, with sales rising to 44.23 million metric tons out of the total output. __
