Petchem sector second largest in Kingdom, accounts for 50% of industry: Official

Waleed Al-Lafi, Vice President Chemicals Industries at NIDC

The petrochemicals sector is the second largest in Saudi Arabia and accounts for about 50% of the industry, Waleed Al-Lafi, Vice President, Chemicals Industries at National Industrial Development Center (NIDC) told Argaam.

Petchem giant Saudi Basic Industries Corp. (SABIC) represents 80% of the sector, he noted, while speaking on the sidelines of the 15th annual GPCA Forum.

The NIDC focuses on 10 sectors across various fields, including petrochemicals, he said, adding that the center’s role is not limited to dealing with investors.

It also deals with experts in the industrial sector, the industry system, and various government entities, Allafi said.

Moreover, the center pays attention to sectoral studies and reports, as well as the overall industrial view of the various sectors, in addition to helping create a favorable investment climate that includes providing industrial opportunities to investors and helping them deal with government and private sector bodies.

In September 2020, the Saudi Cabinet approved converting the National Program for Industrial Complexes Development to NIDC and approved its regulation.