SABIC's Al-Mady heads ICIS Top 40 for 2007

02 December 2007 23:59  [Source: ICIS news]

SABICLONDON (ICIS news)--Mohamed al-Mady, vice-chairman and CEO of Saudi Basic Industries Corp (SABIC) and head of the Gulf Petrochemicals and Chemicals Association (GPCA), is the most influential executive in the chemicals sector in 2007, according to ICIS.

The ICIS Top 40 Power Players listing, published on Monday, moves Al-Mady up from second place in 2006 as his company consolidates the $11.6bn (€7.8bn) acquisition of GE’s plastics business.

This latest move adds nearly 30% to SABIC’s turnover, boosting it from $23bn to $30bn, and takes the previously commodity-oriented producer upmarket into engineering polymers. 

SABIC was the 10th largest chemical company by sales in 2006 and is widely recognised as the world's largest by market capitalisation.

Work is under way on integrating what is the largest US engineering plastics firm with SABIC’s European and Asian operations - an organisational achievement virtually unprecedented for a Saudi Arabian business, says Al-Mady’s entry in the Top 40 Power Players listing, published in ICIS Chemical Business.

“If there is one thing I would like to be remembered for, it’s creating the best human resources development plan in the kingdom of Saudi Arabia,” Al-Mady tells the magazine.

Rather than operate GE Plastics as a stand-alone enterprise, it will be technologically integrated with the rest of the company, enabling SABIC to obtain the maximum benefit from its acquired expertise and the lower-cost production facilities it has elsewhere, ICB says.

New York based financier and industrialist Len Blavatnik comes second in the 2007 Power Players Listings with Blackstone’s Antony Leung in third place. 

By: Staff Reporter
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