17/06/2020
The Chairman of the Asharqia Chamber: Aramco's acquisition of a majority of SABIC shares is a historic deal that supports the Kingdom's economic transformation
The Chairman of the Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khaldi, valued the deal for Saudi Aramco to acquire a majority stake in SABIC from the Public Investment Fund, at a rate of 70%, at a value of $ 69.1 billion, describing it as a historic deal that supports the vision of the Kingdom’s economic transformation and provides new options To increase spending and boost growth.
Al-Khaldi emphasized that it is a deal that will provide greater opportunities for development and realizing added value from the two industries, whether the oil and gas or petrochemical industries, offering congratulations on behalf of himself and another business sector in the eastern region to the three parties to the deal (Aramco, Public Investment Fund, and SABIC), to complete these the deal, which gives the two companies several added values that support their growth in global markets.
Al-Khaldi said that this deal represents a watershed in the historical march of the two companies and a huge industrial tributary that supports the vision of 2030, by maximizing the non-oil economy, as it strengthens the position of Aramco in the petrochemical sector and supports strategic integration, and is in line with its goals to expand and diversify the scope of its business and sources of income, especially in light of that global growth of this vital sector, on the other hand, supports SABIC's position as a global company for the basic materials for the petrochemical industries.
Al-Khaldi pointed out that SABIC’s arrival in more than fifty countries around the world supports Aramco’s plans towards growth and expansion to be an oil, gas and petrochemical company, expected that this deal that supports the vision’s goals will result in promising opportunities, whether in terms of growth and maximizing the value of the two companies or With regard to strengthening both investment opportunities in front of the business sector, as well as career opportunities in front of the national workforce.
