OREANDA-NEWS. November 27, 2012. Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, inaugurated the four-day 10th SABIC Technical & Innovation Meeting (STIM) in Jubail on November 11 in the presence of Mohamed Al-Mady, SABIC Vice Chairman and CEO, company executive vice presidents and industry leaders from Saudi Arabia and other countries around the world. The meeting is being held under the theme, “Innovations that Matter.”

In his inaugural speech, Prince Saud said that the industrial world was facing stiff competition with respect to gaining bigger market shares through different ways including owning new technologies and innovative solutions as well as maintaining creative skilled human resources.

The Prince lauded the efforts made by Saudi Arabia to promote the use of new technologies in government departments and institutions, besides its strong support for industries in the Kingdom. “Part of such government encouragement is evident in the creation of our mega industrial cities of Jubail and Yanbu, as well as at Ras Al Khair, which has a bright future,” he said.

Ever since its inception, SABIC has been constantly contributing to these national efforts by tapping world class technologies and adopting them in the Kingdom. It continues to invest in technology and innovation supported by its vast research resources in the Kingdom and various parts of the world. It introduces more than 150 new products every year, with more than 8,000 patents, Prince Saud said.

Commenting on the meeting, Al-Mady said it is an important platform for exchanging knowledge and scientific expertise. He said that more than 600 technical and industry leaders from around the world are participating in the meeting, making it a great opportunity for industry leaders to showcase their technology and practical solutions and services.

Al-Mady said SABIC has ever-growing aspirations and is keen on continuously being a learning organization. Being a big spender on research and development, SABIC has merited a position in the top 1,000 innovative companies in the world – the only company in the Gulf to win this honor. "We are keen on investing in technology and innovation and in building partnerships with the best local and international universities and research institutes. This approach provides a strong foundation for the future of the company, which is well known for providing valuable solutions to its customers and, in the process, helping them strengthen their business returns."

STIM, held every two years, reflects SABIC’s interest in promoting a culture of innovation, providing a platform for professionals to highlight their innovative efforts, and share their success stories. It is also an opportunity for SABIC employees to interact and exchange information and skills to move forward towards creating an interrelated global culture of innovation.

This year's meeting is particularly important as it focuses on "innovation". The aim is to establish the concept of innovation as a means to transform ideas into products, services, IT processes and profitable business operations.

Prince Saud will open an accompanying exhibition on November 12 which will have 200 exhibitors from 22 countries participating. The Prince will tour the exhibition and be briefed on novelties in the various fields such as asset management, power systems and controls, fertilizers, chemicals, construction, environment, health and safety, quality assurance, analytical research and automation.

Over the four days of the meeting, various workshops on innovation will be held, covering education and training, petroleum and mineral wealth, chemicals, health and safety, environment, transportation and shipping, agriculture and water, industry and electricity, construction, communications and resources and development.