SABIC is a company dedicated to the production of various chemicals, industrial polymers, fertilizers and metals. It is located in Saudi Arabia and 70% of its shares are owned by the Saudi government. The company's headquarters is located in Ir-Riyadh, the capital of Saudi Arabia. In addition, it also owns 18 subsidiaries with different types of ownership.
SABIC was founded in 1976 by royal decree to convert waste oil into useful chemicals, polymers and fertilizers. The company's factories were originally located in the small fishing villages of Jubailu and Yanbe, which, in the course of its development, gradually turned into modern large industrial cities. The company's production, which was 6.5 tons in 1985, increased more than 10 times over the next 20 years.
Today SABIC is the largest company in the Middle East. It is also the third largest producer of polyethylene, the fourth largest producer of polyolefins and polypropylene, and the world's largest producer of monoethylene glycol, urea granules, polycarbonate, polyphenylene and polyesterimide.
In 2008, SABIC ranked fourth in the world in the Fortune Global 500 in terms of revenue. And in 2014, it became the 94th largest company in the world according to the Forbes Global 2000 rating. Today, the company's assets are estimated at $90 billion, and sales revenues reach $50.4 billion.