Business & Money | Sunday 29 May, 2016 4:56 am |

SABIC showcased a range of futuristic, innovative products at the second edition of its bi-annual Innovation Day in Riyadh on May 25 and 26, demonstrating how research excellence has played a large part in making the company an outstanding success story, driving the petrochemical industry forward, and positioning SABIC as an important driver of economic growth within Saudi Arabia’s new Vision 2030.

 

Held under the theme, “Partnering for Downstream Transformation and Growth,” the Innovation Day showcased more than 200 advanced systems, products, and materials solutions within the company’s new Home of Innovation™ facility in Riyadh, which specifically facilitates local downstream industry development.

 

Addressing a large gathering of government officials, key SABIC customers, businessmen, academicians, research partners, and media representatives, Yousef Al-Benyan, SABIC acting Vice Chairman and CEO, said, “Saudi Arabia has long encouraged business investment. And the just-announced Vision 2030 – designed specifically to move us toward a more innovative economy – promises to take us even further. SABIC is committed to the innovation imperative.”

 

Al-Benyan emphasized that SABIC’s efforts towards innovation are not taking place in isolation. They are part of the company’s overall strategy to use its resources to develop Saudi Arabia’s downstream.

 

The key to SABIC’s growth has been investment in research. In fact, the company’s ambition is to achieve 30 percent of additional profit from research and innovation in the coming years. 

 

Elaborating, Al-Benyan said, “We are working on over 800 research projects, and have ambitious patent targets. As of today, we hold more than 11,000 patents and patent applications worldwide, which is the largest portfolio for any company with headquarters in the Middle East.”

 

To underscore SABIC’s commitment to advancing Saudi Arabia’s development agenda, Al-Benyan announced the company would be making a portion of its patent portfolio available to local companies and entrepreneurs.

 

“We are dedicating a portion of SABIC’s patent portfolio to local technology-based institutions to foster and promote innovation,” he said. “We are inviting KSA enterprises to contact SABIC and see which of these SABIC patents may be instrumental in supporting their innovation efforts.”

 

SABIC’s pursuit of innovation does not merely end with common business interests. The company also recognizes its responsibility to the wider society through commitment to sustainability. One such instance is SABIC’s CO2 project where gas wasted into the environment is transformed into valuable products.

 

He explained, “In 2015, SABIC completed an innovative and unique cross-site project in Jubail that converts CO2 waste from one facility into valuable products in other facilities. It can capture and purify up to 500,000 metric tons of CO2 from the production of ethylene glycol every year. The purified CO2 is then channeled to SABIC affiliates, where it is used in the production of many useful products.”

 

The Innovation Day also included keynote speakers from Harvard Business School and the King Fahd University for Petroleum and Minerals and three innovation sessions dedicated to building and construction, transportation, and technology.