Saudi SABIC appoints Abdulrahman Al-Fageeh as new CEO
Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemicals firms, has appointed Abdulrahman Al-Fageeh as its new CEO and Executive Member of the Board, effective March 21, 2023. Al-Fageeh succeeds Yousef Abdullah Al-Benyan, who stepped down in September 2022 to serve as Saudi Arabia’s minister for education. Since September, Al-Fageeh has been acting CEO.
He is the chairman of SABIC Agri-Nutrients Company and the Nusaned Investment Company. Al-Fageeh is also on the Board of the Royal Commission for Jubail and Yanbu and a board member of Saudi General Authority of Foreign Trade (GAFT).
“Abdulrahman Al-Fageeh is a proven leader, demonstrated during his long tenure at SABIC. He is well-positioned to continue driving sustainable growth for our customers, employees, shareholders and communities,” said Khalid Hashim Al-Dabbagh, Chairman of SABIC’s Board of Directors. “The future remains bright for SABIC, the Kingdom of Saudi Arabia, and the chemicals industry as we continue to innovate and expand in order to meet the needs of our ever-changing world. The Board of Directors is confident in SABIC’s ability to continue to realize its vision to be the preferred world leader in chemicals.”
SABIC reported a 13% rise in total revenue to 198.47 billion riyals ($52.88 billion) in 2022, up from the 174.88 billion riyals recorded in 2021; however, the company’s net profit after zakat (Islamic tax) and other taxes were 16.5 billion riyals ($4.4 billion), compared with 23 billion riyals a year ago.
State oil giant Saudi Aramco bought a 70% stake in SABIC from Saudi Arabia’s sovereign wealth fund, the PIF, in June 2020.
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