SABIC launches innovation hub

INNOVATIVE: Prince Saud bin Abdullah bin Thenayan Al-Saud, SABIC’s chairman, right, presents a memento to Riyadh Gov. Prince Faisal bin Bandar at the inauguration of SABIC’s Home of Innovation facility in Riyadh on Wednesday.

RIYADH: Saudi Basic Industries Corporation (SABIC) has launched an innovation hub that would develop downstream businesses in the petrochemical industry and help build new energy-saving
smart homes.

Prince Saud bin Abdullah bin Thenayan Al-Saud, SABIC’s chairman, said Wednesday at the launch that the Home of Innovation will be a regional hub for developing and showcasing innovative economic solutions.
Riyadh Gov. Prince Faisal bin Bandar opened the evening event in the presence of Yousef Al-Benyan, SABIC’s vice chairman and chief executive officer, senior government officials, business leaders, company executives, and media representatives.
The SABIC Home of Innovation is an initiative “to promote economic growth and technical innovation in Saudi Arabia. It is designed to foster collaboration with other leading companies and target opportunities that address regional and local challenges,” the company said.
“The initiative supports both SABIC’s 2025 strategy and Saudi Arabia’s 2030 Vision by generating business to promote local downstream industry growth toward a diverse and sustainable economy,” it said on its website.
The Home of Innovation is built on an area of 3,400 square meters in Riyadh’s Techno Valley. It comprises three buildings designed to support the initiative’s goals, including the Collaboration Center, the Technology Showcase, and the Demonstration House, in addition to meeting halls and administration offices.
“The Kingdom is moving ahead with its development journey, aiming to diversify its resources, and leverage its capabilities. SABIC will move at a steady pace toward achieving its 2025 strategy,” the prince said.
“SABIC continues to build talent that is capable of dealing with all business challenges, through furthering the role of the SABIC Academy. We believe the creativity, flexibility and talent of our human resources will allow us to continue discovering new opportunities,” he said.
Outlining the unique features of the Demonstration House found within the Home of Innovation, Al-Benyan said he was hopeful that the construction industry would adopt the high-performance principles and practices from the Demonstration House to develop more sustainable home building in the Kingdom.
“It is our hope that it will inspire and lead the construction industry to incorporate its innovative yet proven technologies, materials, products and systems toward improving building performance.
“It is a place where partners, thought leaders, end-users, specifiers, converters, investors and government officials can come together to experience the high-performance Demonstration Home and do business.”
At a press conference before the inaugural ceremony, Awadh Al-Maker, SABIC’s executive vice president, technology and innovation, said: “The Home of Innovation will foster collaboration among industry-leading companies, the government agencies in the Kingdom, academia, investors, and others interested in the sustainable economic future of the Kingdom and Middle East.”