Quotes: 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.

 


MENAFN Press




  MENA News Headlines
 Feb 27 2015 - UAE's Etisalat posts USD13.28b revenue in 2014MENAFN
(MENAFN) UAE's Etisalat , or Emirates Telecommunications Corporation, posted USD2.42 billion net profit on revenues of USD13.28 billion in 2014, Gulf News reported.The telecommunications company said ...

 Feb 27 2015 - Oman's economic growth projected at USD75b in 2015MENAFN
(MENAFN) Oman's real gross domestic product (GDP) growth is projected at about 3.2 percent and 3.4 percent in 2015 and 2016, respectively, by global rating agency Standard & Poor's, Times of Oman ...

 Feb 27 2015 - UAE's Meraas gets USD588.8m contracts for advanced Dubai property projectsMENAFN
(MENAFN) UAE's Meraas was awarded USD588.8 million worth of contracts to Al Futtaim Carillion to build its ambitious Le Mer and Dubai Creek Waterfront schemes, The National reported.The project is ...

 Feb 27 2015 - Lebanon-born Syrian refugees risk stateless legal limboAFP
(MENAFN - AFP) Syrian refugee Yasmine Khalaf lies next to her day-old daughter Israa in a Lebanese hospital, worrying that her tiny newborn risks life without a legal identity. Israa, sleeping ...

 Feb 26 2015 - Jordan- King departs for CairoJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)- His Majesty King Abdullah II on Thursday left for Cairo on a visit to Egypt during which he will hold talks with Egyptian President Abdul Fattah ...

 Feb 26 2015 - Jordan- 688 dead 14000 injured in traffic accidents in 2014Jordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Statistics issued by the Central Traffic Department (CTD) Thursday showed that the number of traffic accidents and deaths had declined in 2014 ...

 Feb 26 2015 - Jordan- Conference on women in Sharia concludes meetingsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb.26 (Petra) - The closing session of Women in Sharia" conference which concluded meetings Wednesday evening discussed challenges faced by workers in the defense ...

 Feb 26 2015 - Jordan condemns burning of church in Jerusalem by Jewish extremistsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Minister of State for Media Affairs Mohammad Al Momani Thursday condemned the burning of a church by Jewish extremists in occupied Jerusalem earlier ...

 Feb 26 2015 - Jordan NATO discuss ties counter- terrorism effortsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Secretary-General of the Ministry of Foreign Affairs and Expatriate Affairs Mohammad Bani Yaseen and NATO Assistant Secretary General for Emerging ...

 Feb 26 2015 - Lebanese economy to grow 2.2 percent in 2015MENAFN
(MENAFN) Lebanon anticipates its economy to grow 2.5 percent in 2015, according to finance minister, after reporting a Eurobond of USD2.2 billion, the largest issue in the country's history, ...

more...


 






Google

Electronic & Mobile Payment

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help