Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Innovation key driver of economy  Join our daily free Newsletter

MENAFN - Arab News - 17/06/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) Innovation is widely recognized as one of the key drivers of sustained economic development. all advanced economies are characterized by elaborate active innovation ecosystems.

realizing the importance of innovation saudi arabia has all along been taking appropriate measures.

a case in point is saudi basic industries corporation (sabic) which today ranks among the world's top petrochemical companies.

recently sabic passed the milestone of having more than 10000 patents either issued or pending approval making it the largest owner of intellectual property in the middle east.

sabic is among the world's market leaders in the production of polyethylene polypropylene and other advanced thermoplastics glycols methanol and fertilizers.

what sabic is doing is obviously important for international competitiveness and development of a company with increasingly global ambitions for growth.

it has ably demonstrated how essential it is for the company to position itself on the cutting edge of a rapidly evolving sector.

sabic's international status speaks for itself; it is among the world's market leaders in the production of polyethylene polypropylene and other advanced thermoplastics glycols methanol and fertilizers.

while sabic's rapid march in the sector is extremely important for itself its efforts are equally important for the country as a whole.

new ideas entrepreneurship and innovation must emerge as increasingly important growth drivers if the kingdom is to provide quality employment underpinned by increasing productivity and good remuneration.

talking of sabic's track record it's now widely known that on average it files a new patent application every 18 hours each based on the work of approximately four researchers.

sabic has also significantly increased the rate at which it obtains patents; 2013 recorded 373 patent applications filed by the company a rise of over 300 percent from the figure in 2010.

sabic's work is particularly important as it builds the kingdom's natural resource endowments. it represents an effort to develop an innovation culture in a sector that historically provided relatively limited value-added products.

the fact that sabic is enabling the kingdom to capture more and more of the hydrocarbons value chain means that oil is becoming an important driver of the very inclusive economic development that will not only allow job growth and export diversification but also make the kingdom potentially less dependent on the vagaries of the global oil market.

if an increasing volume of saudi oil is processed into high value-added industrial products the kingdom will be able to boost the resilience of its economy while developing its knowledge economy credentials in a realistic way.

of course this calls for innovation especially in today's world of international competitiveness and globalization.

what mohamed h. al-mady sabic vice chairman and ceo said in this context merits attention — that innovation is a cornerstone of sabic's strategy.

'as an organization we have always been open to new ideas. this is one of the key enablers of our success. as such we learned that business growth in the marketplace requires innovation. we also learned that we could not be an innovator without globalizing so we acquired companies around the world to help realize this.

'from the accumulated wisdom we have gained as a result of globalizing; we now know that our sustainable business growth and leadership in innovative customer solutions have positioned us among global leaders in the petrochemical industry."

what al-mady says is so apt and something for other sectors to ponder over and even emulate.

— [emailprotected]/* */


Arab News

  MENA News Headlines
 Nov 27 2015 - Qatar- Buoyed by strong buying, QSE snaps four days bearish spellGulf Times
(MENAFN - Gulf Times) Snapping four days of bearish spell, Qatar Stock Exchange gained a marginal 11 points, mainly on buying in the transport, realty and insurance stocks.Domestic institutions ...

 Nov 27 2015 - Saudi Aramco plans to invest more in Indonesian oil sectorGulf Times
(MENAFN - Gulf Times) Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said yesterday, after initiating a ...

 Nov 27 2015 - Despite $500bn loss, Opec seen holding the line at Vienna meetGulf Times
(MENAFN - Gulf Times) It'll take more than $40 crude to make Opec change its mind, analysts said before the group's December 4 meeting in Vienna.In the year since the Organisation of Petroleum ...

 Nov 27 2015 - Qatar- WTCC season finale set to light up Losail circuitGulf Times
(MENAFN - Gulf Times) This time at the Losail International Circuit, the screeching wail of the MotoGP and the WSBK motorcycles will be replaced by the guttural exhaust note of the touring cars ...

 Nov 27 2015 - UK- Time to start bombing IS, Cameron tells lawmakersGulf Times
(MENAFN - Gulf Times) Prime Minister David Cameron told lawmakers yesterday it was time to join air strikes against Islamic State militants in Syria, saying Britain cannot "subcontract its security ...

 Nov 27 2015 - Blogger case still before Saudi courts: ministerGulf Times
(MENAFN - Gulf Times) The case of Saudi blogger Raif Badawi, whose flogging sentence created worldwide outrage, is still before the courts, Foreign Minister Adel al-Jubeir said on Thursday."The legal ...

 Nov 27 2015 - Palestinian hits Israeli soldiers with car in West Bank, shot deadGulf Times
(MENAFN - Gulf Times) A Palestinian rammed his car into Israeli soldiers at a bus station in the occupied West Bank Friday before being shot dead, police said. "A Palestinian car hit two Israelis ...

 Nov 27 2015 - Envoy meets head of Qatar-EU Friendship GroupGulf Times
(MENAFN - Gulf Times) Qatar's Ambassador to Belgium and head of Qatar's mission to the European Union, HE Sheikh Ali bin Jassim al-Thani, met at the European Parliament the head of the ...

 Nov 27 2015 - Qatar- Traffic diversion for 2 years in Al Rayyan areaGulf Times
(MENAFN - Gulf Times) A traffic diversion for almost two years will come into effect on Gharrafat Al Rayyan Street between Gharrafat Al Rayyan Roundabout and Qatar Foundation (Civil Defence) from ...

 Nov 27 2015 - KSA's Aramco plans to spend big-cash in IndonesiaMENAFN
(MENAFN) Saudi Aramco seeks further investment chances in Indonesia's downstream refining and petrochemicals industry, amid its recent USD5.5 billion development to enhance Indonesia's biggest ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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