Saudi Basic Industries : SABIC CEO Urges Chemical Industry to Redefine, Reshape and Reinvent

Now is the time for the Middle East petrochemical and chemical industry to increase the pace of transformation to keep up with accelerated global trends.

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 15th Annual Forum of the GPCA in Dubai.

Meeting physically for the first time since 2019, the three-day Forum brought together an audience of more than 2,100 industry leaders to address a forward-looking theme: 'Redefine. Reshape. Reinvent. The chemical industry in a post-pandemic reality'.

In the welcoming remarks Mr. Al-Benyan outlined how players are adapting quickly to the new normal but said more effort was needed to match global trends.

He said, "We've been talking about transforming our industry for several years now. But the time has come to make use of the GPCA platform to redefine, reshape and reinvent various aspects of our industry so that it proceeds-much more quickly and surely-to future success."

Mr. Al-Benyan also outlined the vital role that the chemicals and petrochemical industry must play in the delivery of national carbon neutrality strategies. He said, "A circular economy requires a framework for composing a nation's development. Infrastructure, transportation, manufacturing and food production must all be orchestrated. Decarbonization and circularity are not just for one company or even for one industry. They are for the whole of society and the economy. The solution has to be generated through collaboration not only within the chemical industry but also across multiple industries in the value chain."

Mr. Al-Benyan concluded by announcing the approval of the GPCA Board to rotate the GPCA annual forum among the capitals of GCC countries, starting with Riyadh next year.

The GPCA Annual Forum also heard from Murhaf Al-Madani, Vice President of SABIC's Corporate Digitalization Program and Hosam Al-Zamil, Vice President of SABIC's Global Supply Chain. They joined GPCA masterclass panels and shared ideas aimed at leveraging technology, increasing supply chain resilience and achieving new growth in the post-pandemic world.

The GPCA represents the downstream hydrocarbon industry in the Arabian Gulf. Established in 2006, the association voices the common interests of more than 250 member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the Gulf region.