Kingdom of Saudi Arabia to invest USD 91 billion over 10 years to stimulate petrochemical industry

Riyadh – December 22, 2014: The Kingdom of Saudi Arabia (KSA) has experienced a robust growth in its economy in recent years with a growth of around 4 per cent anticipated for the financial year 2014-2015. The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy. However, KSA is determined to maintain its leading position as one of the largest producers of petrochemicals and is aiming to achieve a production capacity of over 100 million tons per annum by 2015. It has earmarked USD 91 billion to be spent over the next 10 years to build new plants and expand existing ones and integrate refineries with new or existing petrochemical units.

In order to sustain this expansion, KSA has created lucrative business opportunities in its plastic and petrochemical industries. In fact, it is the only GCC state to allow private investment in the petrochemical sector with several incentives such as affordable energy, low cost raw materials, and advanced industrial infrastructure, especially in Yanbu. This has led to growth in Saudi plastics and petrochemicals from less than USD 0.5 billion in 1985 to USD 22 billion in 2011. To further throw the spotlight on KSA’s two primary economic sectors, the Riyadh Exhibition Company will organize Saudi Plastics and Petrochem – the 12th International Plastics and Petrochemicals Trade Fair in Jeddah in 2015.

Accredited by UFI, The Global Association of the Exhibitions Industry, Saudi Plastics and Petrochem 2015 will be held from March 1 to 3, 2015 at the Jeddah Center for Forums and Events to highlight cutting edge technologies and products in petrochemicals and plastics sectors. Organizers confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the Diamond sponsor along with Rabigh Refining & Petrochemical Co. (Petro Rabigh) as the Gold Sponsor.

The exhibitors will get an opportunity to showcase their solutions and services to a broad audience comprising diplomats and high-ranking government officials, industrialist and manufacturers, distributors, suppliers and retailers, industrial engineers, and purchasing and operations managers, to name a few. Saudi Plastics and Petrochem 2015 will be held concurrently with Saudi Print and Pack 2015 – the 12th International Trade Exhibition for Printing and Packaging Technologies.