Dow is First Company to Receive Trading License in Kingdom of Saudi Arabia
June 16 2016 - 2:08PM
Business Wire
The Dow Chemical Company (NYSE: DOW) recently became the first
company to receive a trading license from the Government of Saudi
Arabia, allowing 100 percent ownership in the country’s trading
sector, expanding Dow’s long history of partnership and investment
in the Kingdom.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160616006400/en/
L to R: His Excellency, Dr. Majid bin
Abdullah Al Qasabi, Minister of Commerce and Investment; His Royal
Highness; the Deputy Crown Prince of Saudi Arabia, Mohammad Bin
Salman Al Saud; Dow chairman and CEO, Andrew N. Liveris; His
Excellency, Minister of Energy and Mineral Resources of Saudi
Arabia and chairman of Saudi Aramco, Khalid Al-Falih. (Photo:
Business Wire)
The trading license advances Dow’s ability to deliver
high-value, innovative products that will benefit Saudi Arabia in
the areas of sustainable development, energy-efficiency, oil and
gas, alternative energy and water. Saudi Arabia recently approved
the issuance of trading licenses to companies outside of the
Kingdom in alignment with the country’s strategy to diversify its
economy and address challenges brought by lower global energy
prices.
“Dow is truly honored to be the first company to receive a
trading license and advance our legacy of strategic partnerships
and investments in the Kingdom,” said Andrew N. Liveris, Dow’s
chairman and chief executive officer. “Dow has been a strategic
partner in Saudi Arabia for nearly 40 years and we look forward to
playing a key role in helping advance the Saudi’s Vision 2030 plan
designed to create a vibrant society and a thriving diversified
economy.”
His Royal Highness, the Deputy Crown Prince of Saudi Arabia,
Mohammad Bin Salman Al Saud, presented the trading license directly
to Liveris at the Royal Embassy of Saudi Arabia in Washington,
D.C., and in the presence of His Excellency, Dr. Majid bin Abdullah
Al Qasabi, Minister of Commerce and Investment, and His Excellency,
Khalid Al-Falih, Minister of Energy and Mineral Resources of Saudi
Arabia and chairman of Saudi Aramco.
Dow is the largest foreign investor in Saudi Arabia, and
maintains several joint ventures in the region including a joint
venture with Juffali & Brothers, and Saudi Acrylic Monomer
Company (SAMCo). Additional strategic investments in the country
include Sadara Chemical Company (Sadara), Dow’s joint venture with
Saudi Arabian Oil Company (Saudi Aramco), agreements with King
Abdullah University of Science and Technology (KAUST) to construct
a new Dow Middle East Research and Development Center, and a
Reverse Osmosis manufacturing facility – the first unit of its kind
outside of the United States.
Dow currently has more than 500 employees in Saudi Arabia. The
trading license is expected to create additional employment
opportunities for the highly educated Saudi workforce, with a
particular focus on improving women’s participation in the local
workforce.
About Dow
Dow (NYSE: DOW) combines the power of science and technology to
passionately innovate what is essential to human progress. The
Company is driving innovations that extract value from material,
polymer, chemical and biological science to help address many of
the world's most challenging problems such as the need for clean
water, clean energy generation and conservation, and increasing
agricultural productivity. Dow's integrated, market-driven,
industry-leading portfolio of specialty chemical, advanced
materials, agrosciences and plastics businesses delivers a broad
range of technology-based products and solutions to customers in
approximately 180 countries and in high-growth sectors such as
packaging, electronics, water, coatings and agriculture. In 2015,
Dow had annual sales of nearly $49 billion and employed
approximately 49,500 people worldwide. The Company's more than
6,000 product families are manufactured at 179 sites in 35
countries across the globe. References to "Dow" or the "Company"
mean The Dow Chemical Company and its consolidated subsidiaries
unless otherwise expressly noted. More information about Dow can be
found at www.dow.com.
®TM Trademark of The Dow Chemical Company (“Dow”) or an
affiliated company of Dow
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160616006400/en/
The Dow Chemical CompanySarah Blodgett+1 (989)
636-9323SSBlodgett@dow.com
Dow (NYSE:DOW)
Historical Stock Chart
From Apr 2024 to May 2024
Dow (NYSE:DOW)
Historical Stock Chart
From May 2023 to May 2024