Pharmaceutical Manufacturing
Saudi Arabia - Dammam
500 Employees or more
Is this your business? Claim your company profile now
In 1975, Saudi Arabia created the Master Gas System – a network for collecting and processing petroleum gases – and drew up plans to use these gases as feedstock for the petrochemical industry. Then the Royal Commission for Jubail and Yanbu took up the task of building Jubail and Yanbu cities as state-of-the-art industrial centers to locate the planned petrochemical plants. In 1976, a royal decree was issued establishing the Saudi Basic Industries Corporation (SABIC) whose primary task was to set up and operate hydrocarbon and mineral-based industries in Saudi Arabia and transferring them into value added industrial products. This would help in diversifying the Kingdom’s sources of income and in broadening the Kingdom’s industrial base. From the very beginning, SABIC’s objectives were focused on: Transferring state-of-the-art technologies from the world over into Saudi Arabia, and building Saudi industrial generations capable of using and promoting such technologies. Investing in national hydrocarbon and mineral resources, and utilizing their competitive advantage, rather than exporting them. This would provide added value to the final products and help in avoiding the fallouts of fluctuating raw material costs in global markets. Establishing a firm base for basic products which would be the foundation for upcoming downstream and upstream industries, gradually reduce imports and encourage investments in new industries. Catching up with the industrial world, expanding into new global markets, diversifying sources of national income instead of solely being an oil-dependent economy, and enhancing hard currency revenues.