The petrochemical and chemical industry can accelerate its evolution and shape its own future by prioritizing transformation into its recovery strategy.
That was the message from Yousef A. Al-Benyan, Vice Chairman and CEO of SABIC and Chairman of the Gulf Petrochemical and Chemical Association (GPCA) as he addressed the inaugural GPCA Leaders' Forum in Dubai today (June, 16).
The Forum brought together regional and global chemical leaders to share successful leadership strategies that have enabled companies to overcome the challenges of the pandemic and discussed the approach needed to foster a sustainable recovery for the industry.
In his remarks, Mr. Al-Benyan drew on the theme of the forum conference, 'In Pursuit of Resurgent Growth During Turbulent Times', as he urged the industry to shape a new reality by seizing the opportunity for change.
'We have long stressed the need for dynamic transformation in our industry and the pandemic has shone a spotlight on the successes of early adopters who moved ahead of time. But it also exposed the limitations of those who hesitated. The post-pandemic reality requires us to fundamentally change how we think about growth, innovation, and our operating models.'
He added, 'We can see that many forward-looking strategies adopted by GCC players have borne fruits, but there is still much more to do. Now is the time to drive the transition from a survival mindset to one that allows us to build, grow and thrive in the long-term. We cannot delay the evolution and reimagination of our industry.'
The GPCA Leaders Forum is an exclusive platform for industry professionals to connect and share strategy on progress and development within the chemical industry. Speakers at the inaugural event also included H.E. Khalid Al-Mudaifer Vice Minister of Energy, Industry and Mineral Resources for Mining Affairs
In 2015, as part of its 2025 strategy, SABIC launched its global transformation journey aimed at creating a more agile, cost-efficient, and customer-focused organization. In the last year, the company has consolidated its agricultural assets under the SABIC Agri-Nutrients Company and established a stand-alone Specialties business.