While 2007 was rosy for Al Mady, 2008 has proved a harder year, reflected in his drop to 34th place from last year’s No.12 spot.
Saudi Basic Industries Corporation (SABIC) reported a 95 percent drop in fourth quarter net profit as demand for petrochemical products fell. It has warned that it will halt output at some plants and cut jobs this year.
In February, Al Mady revealed that more than half the company’s workforce will have to forfeit bonuses and promotions in 2009 to safeguard cash flow.
Nevertheless, the firm remains comfortably the largest listed company in the Middle East, and the world’s biggest chemical maker. And, as it’s CEO since 1998, there is no doubt Al Mady still boasts considerable influence on the industrial markets.
Under Al Mady’s stewardship, SABIC has grown from a company that employed six people in 1976 to one that employs 31,000 today with a market capitalisation in excess of $30bn. SABIC shares have lost around 73 percent of their value in the last year, but are still the envy of rival firms.
Last year, Al Mady was named the world’s third most influential person in the global chemicals industry by London-based industry magazine,
ICIS Chemical Business
He joined SABIC in 1976 with a master’s degree in chemical engineering from the University of Wyoming, USA, and held various key positions within the company before his rise to the top.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.