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Saudi Basic Industries Corporation (2010) – Introduction and background |
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Saudi Basic Industries Corporation (SABIC) is a major Saudi chemicals and materials industry supplier. It is the second largest company in the Middle East.
Founded by royal decree in 1976 and headquartered in Riyadh, SABIC manufactures chemicals, polymers, fertilizers, and metals essential for many industries worldwide. The initial purpose of SABIC was to manufacture secondary petrochemical products, and it is majority-owned by Saudi Aramco. Today it is a highly diversified conglomerate, with products including ethylene, polyethylene, polypropylene, and specialty chemicals derived from these. These are used across the automotive, construction, healthcare, packaging, and electronics sectors. Operating in over 50 countries, SABIC is one of the world’s largest companies and a critical part of the Saudi industrial base. Most of their petrochemical output is sold to the European market.
Originally a state-owned corporation, Saudi Basic Industries Corporation first listed on Tadawul in 1984 and trades under the ticker 2010. Only a fraction of overall shares are publicly traded, with Saudi Aramco owning 70% of the company, making this an indirectly state-controlled corporation. The next largest shareholders are the Saudi National Bank, followed by international fund managers including State Street.
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