Al-Naimi stresses importance of chemical industry

December 9, 2009

The overall economic picture of the Gulf states remain strong, in no small part due to their success in the petrochemical and chemical industries, Minster of Petroleum and Mineral Resources Ali Al-Naimi said during an address to the Gulf Petrochemicals and Chemicals Association Forum being held in Dubai.

Noting that Saudi Arabia accounts for 62% of the Gulf Cooperation Council (GCC) states’ chemical manufacturing and 8% of global production, Minister Al-Naimi remarked, “In the coming years, Saudi Arabia is poised for increases in the quantity and quality of our exports. We will diversify our chemical portfolio into more complex, distinctive products.”

Calling for cooperation within the GCC, Minister Al-Naimi noted, “Our region has long-term comparative advantages to be the world hub for petrochemicals production . . . Neither the recession of 2008 nor any protectionist measures by parties outside the GCC region can alter this.”

As for the Kingdom, he added, “Realizing our nation’s strategic advantages as a global chemical hub – and reaching our further goals for development of intellectual and human capital – are vital to the citizens of Saudi Arabia."