Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Mastering innovation is a must for GCC chemicals industry  Join our daily free Newsletter

MENAFN Press - 20/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Mohammed Al Mady, Chairman of GPCA and Vice President and CEO, SABIC, highlighted the importance of innovation for the Gulf's petrochemicals and chemicals industry on the closing day of the GPCA's inaugural Research & Innovation Summit in Dubai



"The Middle East and particularly the GCC is facing increasing pressure to secure employment for future generations"Recent history has proved that entrenched competitive advantages can fade and that there is little mercy for those who do not get new ones. Innovation has, therefore, become a must to deliver advantages, primarily in technology," Al Mady told the delegates present



Noting that the chemical industry in the Gulf "started late in the innovation game," Al Mady said the region's chemicals industry needs to find ways to gain a competitive edge over its competitors.



"Going forward, the hunger for innovation, technological or otherwise, is here to stay. Today the think tanks for innovation or even for smart practices in technology acquisition remain mostly in other parts of the world. The seed of an idea I would like to leave with you is that, if something is critical for our future competitive advantage, we should master it," Al Mady said



The GCC's petrochemical industry has already made significant progress in the field of innovation with 733 patents granted in 2012, a 36 per cent growth year-on-year. However, regional spending on research and development lags behind Japan, China, the US and the EU, with the GCC spending only 0.8 per cent of the US49 billion global investment in this area



Dr. Ernesto Occhiello, Executive Vice President, Technology and Innovation, SABIC highlighted that successful innovation can only occur if it is looked at holistically



"Innovation has to be with the whole company, it cannot just be left with the research department"Recruitment is the most important thing management can do; how to develop them and how to find them," said Occhiello



Moving forward, industry experts have predicted that the GCC plastics producers will be at the forefront of innovation within the petrochemical industry. Plastics, also known as polymers, account for nearly a fifth of the GCC's petrochemicals portfolio. According to GPCA estimates, the region's polymer capacity sits at 23.8 million tons, or 18.4% of the Gulf's 129.2 million ton petrochemical production.



"Continuous innovation is driving the rapid growth of the plastics industry," said Dr. Alfred Stern, Executive Vice President, Polyolefins, Borealis. "Plastics give the opportunity to contribute [to solving] the main challenges: climate change, waste and recycling, food, health, energy and water.



The GPCA released the Innovation in the Chemical Industry report during the Research & Innovation Summit. Prepared in collaboration with the international consultancy Stratley, the report provides an overview of innovation in the chemicals industry, and how innovation strategies across operations in an organisation can support sustainable growth



The Research & Innovation Summit featured a total of 165 delegates from the US, Europe, Asia and the GCC. Delegates heard from 23 speakers from 10 countries in sessions focusing on why innovation is important, how to measure returns on research and innovation, how to create an environment for it to prosper and new aspects that are driving research and innovation.


About the Gulf Petrochemicals & Chemicals Association
The Gulf Petrochemicals and Chemicals Association (GPCA) is the voice of the industry in the region. Established as a non-profit organization in March 2006, it is the first trade association in the Gulf and the largest and most respected industry body representing the downstream sector in the Middle East. Today, the association has 232 members from over 30 countries, including the largest Arab world and multinational companies.Committed to providing a regional forum where stakeholders from across the industry share insights, solutions and new ideas, the GPCA has six working committees “ Plastics, Supply Chain, Fertilizers, International Trade, Research and Innovation, and Responsible Care “ and organizes six world-class events each year. The association also publishes an annual report and a regular industry newsletter, Insight and reports. Since its inception, the GPCA has raised the standard for industry-wide cooperation and continues to promote the region and its interests in the international policymaking sphere. Additional information is available at www.gpca.org.ae and the GPCA can also be found on Facebook and Twitter.

 






  MENA News Headlines
 Jul 30 2014 - Safe haven status boosts investment scope in UAEspanKhaleej Times
(MENAFN - Khaleej Times) E political situation in the region has made Dubai into a magnet for families from across the region to set up home and establish regional or global offices for their ...

 Jul 30 2014 - Tech Mahindra eyes expansion in Saudi ArabiaspanKhaleej Times
(MENAFN - Khaleej Times) Ch Mahindra a specialist provider of connected solutions has announced that it has signed a joint venture agreement with Midad Holding which is a subsidiary of Al Fozan a ...

 Jul 30 2014 - Middle East earns 1 of global market research revenuesspanKhaleej Times
(MENAFN - Khaleej Times) E entire Middle East region earned only a meager one per cent of the global market research revenues which indicates the potential for market research that is prevalent in ...

 Jul 30 2014 - Dewa to show smart initiatives at Gitex 2014spanKhaleej Times
(MENAFN - Khaleej Times) Bai Electricity and Water Authority or Dewa has announced its participation in Gitex 2014 to be held from October 12-16 at the Dubai World Trade Centre.Dewa will showcase its ...

 Jul 30 2014 - Sico first-half net profit jumps 166spanKhaleej Times
(MENAFN - Khaleej Times) Curities & Investment Company or SICO licensed by the Central Bank of Bahrain as a conventional wholesale bank announced its financial results for the second quarter of 2014 ...

 Jul 30 2014 - Taqa Arabia eyes Egypt expansionspanKhaleej Times
(MENAFN - Khaleej Times) Laa Holdings announced that its energy sector subsidiary Taqa Arabia aims to expand its network of fuel stations in Egypt through Taqa oil marketing company.The company ...

 Jul 30 2014 - Real estate to pick up from next week: Industry expertspanKhaleej Times
(MENAFN - Khaleej Times) Bai Land Department transactions exceeded Dh113b for H1 The real estate market in Dubai is expected to pick-up again from next week after a slowdown during the last couple of ...

 Jul 30 2014 - Memon to hand over five projects in 2014spanKhaleej Times
(MENAFN - Khaleej Times) Mpany working on Dh1.Memon Investments has planned to hand over five projects worth more than Dh600 million in the next five months and is also planning to launch five new ...

 Jul 30 2014 - ADFD funding in underdeveloped countries hit Dh61bspanKhaleej Times
(MENAFN - Khaleej Times) E development finance institution articulates the UAEs continued commitment to support the development process of emerging countries.An exterior view of power plant in ...

 Jul 30 2014 - UK and US preferred by Arab travellers: MarriottspanKhaleej Times
(MENAFN - Khaleej Times) E US takes the lead when it comes to bookings with 20 per cent of all reservations closely followed by the UK which accounts for 16 per cent.Marriott International has ...

more...


 






Google

menafn.com

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help