Dow is First Company to Receive Trading License in Kingdom of Saudi Arabia
June 16, 2016 | By Business Wire News
The Dow Chemical Company (NYSE: DOW) recently became the first company to receive a trading license from the Government of Saudi Arabia, allowing 100 percent ownership in the country’s trading sector, expanding Dow’s long history of partnership and investment in the Kingdom.
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L to R: His Excellency, Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment; His Royal Highness; the Deputy Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud; Dow chairman and CEO, Andrew N. Liveris; His Excellency, Minister of Energy and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, Khalid Al-Falih. (Photo: Business Wire)
The trading license advances Dow’s ability to deliver high-value, innovative products that will benefit Saudi Arabia in the areas of sustainable development, energy-efficiency, oil and gas, alternative energy and water. Saudi Arabia recently approved the issuance of trading licenses to companies outside of the Kingdom in alignment with the country’s strategy to diversify its economy and address challenges brought by lower global energy prices.
“Dow is truly honored to be the first company to receive a trading license and advance our legacy of strategic partnerships and investments in the Kingdom,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “Dow has been a strategic partner in Saudi Arabia for nearly 40 years and we look forward to playing a key role in helping advance the Saudi’s Vision 2030 plan designed to create a vibrant society and a thriving diversified economy.”
His Royal Highness, the Deputy Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud, presented the trading license directly to Liveris at the Royal Embassy of Saudi Arabia in Washington, D.C., and in the presence of His Excellency, Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, and His Excellency, Khalid Al-Falih, Minister of Energy and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco.
Dow is the largest foreign investor in Saudi Arabia, and maintains several joint ventures in the region including a joint venture with Juffali & Brothers, and Saudi Acrylic Monomer Company (SAMCo). Additional strategic investments in the country include Sadara Chemical Company (Sadara), Dow’s joint venture with Saudi Arabian Oil Company (Saudi Aramco), agreements with King Abdullah University of Science and Technology (KAUST) to construct a new Dow Middle East Research and Development Center, and a Reverse Osmosis manufacturing facility – the first unit of its kind outside of the United States.
Dow currently has more than 500 employees in Saudi Arabia. The trading license is expected to create additional employment opportunities for the highly educated Saudi workforce, with a particular focus on improving women’s participation in the local workforce.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world’s most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow’s integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture. In 2015, Dow had annual sales of nearly $49 billion and employed approximately 49,500 people worldwide. The Company’s more than 6,000 product families are manufactured at 179 sites in 35 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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