Dow Chemical first foreign firm to grab Saudi trading license

US-based Dow Chemical Company has become the first foreign firm to be awarded a trading license from the Saudi government, allowing it 100 percent ownership in the kingdom’s trading sector.

The announcement came shortly after Saudi Arabia approved the issuance of trading licenses to foreign companies, as the world’s largest oil exporter looks to diversify its sources of revenue and create more jobs.

The license was presented to Dow chairman and CEO Andrew Liveris by Saudi Arabia’s deputy crown prince Mohammad bin Salman Al Saud, who is currently in the US seeking to promote the kingdom’s Vision 2030 strategy.

“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 Vision 2030 plan,” Liveris said in a company statement.

Dow is the largest foreign investor in Saudi Arabia, and operates several joint ventures in the kingdom such as the Sadara Chemical Company (Sadara), a JV with Saudi Aramco. Additional investments include an agreement with the King Abdullah University of Science and Technology (KAUST) to build a new research and development center and a reverse osmosis manufacturing facility.