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Major Saudi Companies Become General Partners of SPIEF

7 June 2019
Крупнейшие саудовские компании стали генеральными партнерами ПМЭФ

Saudi Aramco, the national oil company of Saudi Arabia, and Saudi Arabia Basic Industries Corporation (SABIC), a diversified production company, will serve as general partners of the St. Petersburg International Economic Forum. Each of them will be represented by a large stand within the Forum’s exhibition area (Pavilions G and F, respectively). Neither of them has ever taken part in SPIEF before.

«We are pleased that major companies from the Kingdom of Saudi Arabia have become our partners, which once again confirms how popular the SPIEF is as a leading platform for international cooperation. Each year, the number of companies participating in the Forum is growing, as is its influence on the shaping of the global economic landscape», Adviser to the Russian President Anton Kobyakov said.

«As part of the Saudi Arabia official delegation, SABIC is participating in SPIEF 2019 as a General Partner to showcase our business commitment to the Russian market and promote our National Initiative ’Nusaned’, which aims to attract value and investments enabling the Saudi Vision 2030. SPIEF is an important business platform to engage with our customers and other business stakeholders.» Sami Al-Osaimi, SABIC VP Corporate Affairs, said.

In addition, Dr. Anas Alfaris, Vice President for Research Institutes at the Saudi National Labs and National Science Agency — the King Abdulaziz City for Science and Technology (KACST), will attend the ‘Strategy for Integration of Science, Education, and Business’ session, which will be held on 6 June as part of the main SPIEF business programme. Anas Alfaris is also the founder of the Joint Centers of Excellence Program (JCEP) with leading universities (MIT, Stanford, Oxford, and Cambridge among others) and is responsible for the formulation of several national strategic programmes in science and industrial development.

Saudi Aramco is the world’s leading company in terms of oil production and oil reserves. In 2019, Moody’s and Fitch reported that the company had become the most profitable in the world. In 2018, its profit reached USD 111 billion with total revenue of RUB 355.9 billion. For comparison, the profit of Apple was almost half that amount.

SABIC is the largest public company in Saudi Arabia and the Middle East. Its core businesses are petrochemicals, chemicals, and the production of industrial polymers, fertilizers, and metals.