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Dow Chemical Clinches Trading License in Saudi Arabia
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Dow Chemical (DOW - Free Report) has secured a trading license from the Government of Saudi Arabia, providing it full ownership in the country’s trading sector. Mohammad Bin Salman Al Saud — the deputy crown prince of Saudi Arabia — presented the license to Dow’s CEO Andrew N. Liveris at the Royal Embassy of Saudi Arabia in Washington, DC.
This makes the chemical giant the first foreign company to receive trading license in the Kingdom. The license expands Dow’s long history of strategic partnership and investment in Saudi Arabia and enhances its ability to provide novel products that will benefit the country in the areas of sustainable development, energy-efficiency, oil & gas, alternative energy and water.
The Government of Saudi Arabia recently cleared the issuance of trading licenses to foreign companies in sync with the country’s goal to diversify its economy and address challenges triggered by lower global crude oil prices. Saudi Arabia is looking to cut its dependence on oil revenues amid a slump in energy prices.
Dow, which has been a strategic partner in the Kingdom for roughly four decades, looks to play a major role in advancing the country’s Vision 2030 strategy geared to create a flourishing economy and diversify revenue base. The license is also expected to create more job opportunities for the highly educated Saudi workforce, with a special emphasis on improving women’s participation in the local workforce.
Dow, which currently has over 500 employees in Saudi Arabia, is the biggest overseas investor in the Kingdom. It has a number of strategic investments in the country including Sadara Chemical Company — a joint venture between Dow and Saudi Arabian Oil Company (“Saudi Aramco”) — and a joint venture with Juffali & Brothers, and Saudi Acrylic Monomer Company (“SAMCo”).
Dow’s shares closed around 0.6% higher at $52.19 yesterday.
Dow continued its positive surprise streak with solid earnings beat in the first quarter of 2016. The company sees sustained momentum in consumer driven end-markets, especially packaging, transportation and infrastructure. Dow remains focused on its productivity actions, innovation and strategic growth measures in a still uncertain macro environment.
Dow and DuPont (DD - Free Report) agreed to combine their businesses in Dec 2015 in an all-stock deal to create a chemical powerhouse with a combined market value of around $130 billion, before eventually breaking up into three independent companies through tax-free spin-offs. The deal is expected to complete in second-half 2016. The merger is projected to deliver cost synergies of around $3 billion, expected to be achieved with the first two years after the deal closure.
Dow is a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Albemarle Corporation (ALB - Free Report) and Innospec Inc. (IOSP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
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Dow Chemical Clinches Trading License in Saudi Arabia
Dow Chemical (DOW - Free Report) has secured a trading license from the Government of Saudi Arabia, providing it full ownership in the country’s trading sector. Mohammad Bin Salman Al Saud — the deputy crown prince of Saudi Arabia — presented the license to Dow’s CEO Andrew N. Liveris at the Royal Embassy of Saudi Arabia in Washington, DC.
This makes the chemical giant the first foreign company to receive trading license in the Kingdom. The license expands Dow’s long history of strategic partnership and investment in Saudi Arabia and enhances its ability to provide novel products that will benefit the country in the areas of sustainable development, energy-efficiency, oil & gas, alternative energy and water.
The Government of Saudi Arabia recently cleared the issuance of trading licenses to foreign companies in sync with the country’s goal to diversify its economy and address challenges triggered by lower global crude oil prices. Saudi Arabia is looking to cut its dependence on oil revenues amid a slump in energy prices.
Dow, which has been a strategic partner in the Kingdom for roughly four decades, looks to play a major role in advancing the country’s Vision 2030 strategy geared to create a flourishing economy and diversify revenue base. The license is also expected to create more job opportunities for the highly educated Saudi workforce, with a special emphasis on improving women’s participation in the local workforce.
Dow, which currently has over 500 employees in Saudi Arabia, is the biggest overseas investor in the Kingdom. It has a number of strategic investments in the country including Sadara Chemical Company — a joint venture between Dow and Saudi Arabian Oil Company (“Saudi Aramco”) — and a joint venture with Juffali & Brothers, and Saudi Acrylic Monomer Company (“SAMCo”).
Dow’s shares closed around 0.6% higher at $52.19 yesterday.
DOW CHEMICAL Price
DOW CHEMICAL Price | DOW CHEMICAL Quote
Dow continued its positive surprise streak with solid earnings beat in the first quarter of 2016. The company sees sustained momentum in consumer driven end-markets, especially packaging, transportation and infrastructure. Dow remains focused on its productivity actions, innovation and strategic growth measures in a still uncertain macro environment.
Dow and DuPont (DD - Free Report) agreed to combine their businesses in Dec 2015 in an all-stock deal to create a chemical powerhouse with a combined market value of around $130 billion, before eventually breaking up into three independent companies through tax-free spin-offs. The deal is expected to complete in second-half 2016. The merger is projected to deliver cost synergies of around $3 billion, expected to be achieved with the first two years after the deal closure.
Dow is a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Albemarle Corporation (ALB - Free Report) and Innospec Inc. (IOSP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>