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ZURICH (Reuters) - Clariant Chairman Hariolf Kottmann, who hailed the arrival of Saudi Arabia’s SABIC as the chemical maker’s top shareholder three years ago, became a casualty on Monday of a deal to try to patch up relations between the two sides.
FILE PHOTO: Chief Executive Hariolf Kottmann of the Swiss specialty-chemical company Clariant addresses a news conference in Zurich, Switzerland September 18, 2018. REUTERS/Arnd Wiegmann/File Photo
The Swiss company said Kottmann would not stand for re-election in April.
The 65-year-old has led Clariant for more than a decade, but Saudi Basic Industries Corporation (SABIC) has become increasingly disenchanted with him, particularly after a planned joint venture collapsed in 2019.
(Bloomberg) Most Middle East stocks fell, with shares in Dubai leading losses in the Gulf, as increased travel restrictions added to pessimism over vaccine rollouts sweeping global equity markets.Dubai and Abu Dhabi’s gauges ended 1.6% and 0.9% lower, respectively. Saudi Arabia’s main index retreated 1.2% as Saudi Basic Industries Corp. fell 1.8% even after 2020 profit beat estimates. Qatari stocks declined 0.7%.The U.K. announced over the weekend it was banning direct passenger flights from the United Arab Emirates, of which Dubai and Abu Dhabi are part, to stop the spread of a new virus strain originally identified in South Africa. Meanwhile, Saudi Arabian authorities delayed the reopening of the country’s borders.Global stocks slumped last week, with the S&P 500 tumbling 1.9% on Friday, as bidding by retail traders for heavily-shorted U.S. stocks fanned speculation hedge funds would have to reduce their market exposure, while concern over the deployment o
JEDDAH: Saudi Basic Industries Corporation (SABIC) has forecast that its annual share of combined synergy with Saudi Aramco will total SR5.63 to 6.75 billion ($1.5 to 1.8 billion) by 2025.
Saudi Aramco, the world’s largest oil company, acquired a 70 percent stake in SABIC from the Saudi sovereign wealth fund for $69.1 billion in June 2020.
During a virtual press conference on Sunday, Yousef Al-Benyan, SABIC CEO and vice-chairman, said the combined revenue of the two petrochemical companies would measure between $3 to $4 billion by 2025.
“SABIC’s collaboration with Saudi Aramco represents an excellent opportunity for both companies to align and harness their synergies for their mutual benefit and for the benefit of respective customers, stakeholders and shareholders,” Al-Benyan said in a press release.
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Market Statistics:
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JEDDAH: Magic Leap, the US-based augmented reality startup backed by the Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF), has signed a collaboration with oil conglomerate Saudi Aramco, its CEO Peggy Johnson announced on Wednesday.
Speaking at the Future Investment Initiative (FII), the two-day event taking place this week in Riyadh, Johnson said: “We just announced a partnership with Saudi Aramco to work with them on using the technology for remote collaboration and 3D visualization.”
The technology can be extremely helpful in “bolstering the economy” post-coronavirus (COVID-19), Johnson continued. Similar to virtual reality (VR), the device allows a smooth exchange of content between users in different parts of the world.