The Dow Chemical Company recently became the first company to receive a trading licence from the Government of Saudi Arabia, allowing 100 per cent ownership in the country’s trading sector, expanding Dow’s long history of partnership and investment in the kingdom.
The trading licence 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 honoured to be the first company to receive a trading license and advance our legacy of strategic partnerships and investments in the Kingdom," says 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 licence directly to Liveris at the Royal Embassy of Saudi Arabia in Washington, DC, and in the presence of Dr Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment and Khalid Al Falih, Minister of Energy and Mineral Resources of Saudi Arabia.