SABIC approves SR 9 billion dividends to shareholders 3 Riyadh

Prince Saud Bin Thenayan Al-Saud outlined that SABIC has developed
plans to meet the repercussions of the global economic crisis through
a number of decisions. "These aim at increasing its share in global
markets and bolstering closer relationships with customers to expand
and modernize supply and logistics operations, enhancing scientific
and technical research and adding more new innovative products that
attract more advanced industries and achieve higher added value.


Mohamed Al-Mady, SABIC Vice Chairman and CEO, casted further light
on the achievements of the company during the past year in the areas
of production, marketing, revenue and profitability.


He highlighted the company’s efforts to double national
contributions and promote competitiveness in world markets.


He indicated that the results of the company in 2008 were excellent
despite the deteriorating global demand for petrochemical products in
general, plastic products and steel, in particular.


Al-Mady reiterated that SABIC enjoys a sound financial position as a
result of diversity of products and wide geographical spread, as well
as skilled talent and focus on research and development.


Al-Mady added that SABIC succeeded in securing full funding for its
projects at competitive prices in ample time prior to the economic
crisis. Despite the complexities of banking procedures, SABIC has
been able to take a series of measures and actions to reduce costs
without impacting the continuance of operations or product quality.

--SPA