Saudi Arabia ranks 5th in global chemical production, accounts for 10% of total output: Official

Waleed S Al-Rubaie, Managing Director of Petrochemical, Oil and Gas sectors at Ministry of Investment

Saudi Arabia has the fifth largest market for chemicals production in the world, constituting approximately 10% of the global output, Managing Director of Petrochemical, Oil and Gas sectors at Ministry of Investment Waleed S Al-Rubaie told Argaam.

The Saudi market is the largest market for petrochemicals in the Middle East and North Africa and is home to the largest chemical complex, built in one phase as the Sadara Chemicals project, which helps replace supply chains and maximize the value of benefits.

He stated that the volume of the Kingdom’s chemical exports is estimated at nearly 60% of the country’s non-oil exports, expecting to grow significantly as part of the Saudi export initiative.

Investment volume and opportunities are projected to reach SAR 1 trillion in basic, medium, and specialized chemicals over the next decade.

This will contribute to replacing supply chains in other sectors such as food and medicine, he highlighted.

Al-Rubaie said that European demand for chemicals amounted to $750 billion annually. The demand is estimated at $50 billion in Africa, which is expected to grow by 4%.

Saudi Arabia offers many incentives to attract investments by providing an integrated infrastructure and logistic lines that has led to a decrease in the cost of feedstock inventory.

He pointed out that the national investment strategy targets identifying, developing, and attracting investment opportunities to the Kingdom.

Accordingly, a total of nine largest chemical firms worldwide are operating from the Kingdom and are interested in building chemical complexes with Saudi Aramco or Saudi Basic Industries Corp. (SABIC).