The Saudi Basic Industries Corporation (Sabic) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh yesterday (May 18).

Dr Tawfiq Al-Rabiah, Minister of Commerce and Industry and chairman of the Saudi Industrial Property Authority (Modon), who presided over the ceremony, presented a honourary plaque to Sabic, received by Dr Fahad Al-Khodairi, general manager, Technology Management, Polymers SBU, in recognition of the company’s support.

Modon has instituted the award with a million Saudi riyals ($266,000) for the three best ideas for new industrial ventures. Modon will partly bear the cost of construction and equipment for implementing the ideas, besides providing a range of facilities and incentives for investors in these projects.

Mohamed Al-Mady, Sabic vice chairman and CEO, said: “Sabic seeks to broaden and diversify its activities related to its Corporate Social Responsibility strategy in support of developing national industries. The Industrial Innovation Award motivates innovation in society for novel industrial projects, and encourages partnership between the community and specialized agencies to turn basic ideas into definite projects.”

“What distinguishes the award is its primary focus on small enterprises and budding entrepreneurs. This approach is closely aligned with Sabic’s social responsibility strategy that aims to boost jobs for citizens by strongly supporting the founding of a strong industrial base in Saudi Arabia,” he added.

The Industrial Innovation Award seeks to strengthen relations between the industrial sector and the scientific, academic and funding institutions. – TradeArabia News Service