Andrew Liveris Growth Opportunities Saudi Arabia
RIYADH, SAUDI ARABIA - November 21, 2016 - During a recent visit to the Kingdom of Saudi Arabia, Andrew Liveris, Dow’s Chairman and Chief Executive Officer, met with His Royal Highness, the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud, Second Deputy Premier and Minister of Defense, to discuss Dow’s existing investments in the Kingdom and potential future opportunities aligned to the Company’s growth strategy and Saudi Arabia’s Vision 2030.
“Dow has been a strategic partner in Saudi Arabia for nearly four decades and is the largest foreign investor in the country,” said Liveris. “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.”
In June, Dow 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. Aligned to Saudi Arabia’s strategy to diversify its economy and address challenges brought by lower global energy prices, the trading license advances Dow’s ability to deliver high-value, innovative products that will benefit the country in the areas of sustainable development, energy-efficiency, oil and gas, alternative energy and water.
Dow 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.
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 49,000 people worldwide. The Company's more than 6,000 product families are manufactured at 179 sites in 35 countries across the globe. On June 1, 2016, Dow became the 100 percent owner of Dow Corning Corporation’s silicones business, a global company with sales of greater than $4.5 billion in 2015, 25 manufacturing sites in 9 countries and approximately 10,000 employees worldwide. 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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