The Dow Chemical Company has become the first outside business to receive a trading license from the Government of Saudi Arabia, which will allow the company to have 100 percent ownership in the country’s trading sector.
With the trading license, Dow can deliver its products to Saudi Arabia in the field of sustainable development, energy-efficiency, oil and gas, alternative energy and water. The trading license comes as part of Saudi Arabia’s commitment to diversify its economy and address challenges created by lower global energy prices.
“Dow is truly honored to be the first company to receive a trading license and advance our legacy of strategic partnerships and investments in the Kingdom,” Andrew Liveris, Dow’s chairman and CEO, said. “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’s Vision 2030 plan designed to create a vibrant society and a thriving diversified economy.”
Saudi Arabia Deputy Crown Prince Mohammad Al-Saud presented the trading license to Liveris in Washington, D.C., at the Royal Embassy of Saudi Arabia. Included in the meeting were Majid Al Qasabi, minister of commerce and investment, and Khalid Al-Falih, minister of energy and mineral resources of Saudi Arabia and chairman of Saudi Aramco.