SABIC CEO: Chemical industry recovery in 2024 remains unclear amid weak outlook

Saudi Basic Industries Corp.’s (SABIC) CEO Abdulrahman Al-Fageeh said this year was a misfortune for the chemical industry, noting that it is unclear whether the industry will recover next year or not as the prospects for the global economy continue to weaken, according to Bloomberg.

SABIC's diverse product range supported the company's margins, as the company benefited from better conditions in the agriculture and automotive sectors, Al-Fageeh added.

He also stated that SABIC is focusing on developing technologies to convert crude oil into chemicals, which is something it is working on with Saudi Aramco, indicating that the company is looking at internal expansion to boost growth.