Saudi International Petrochemical Company

Saudi International Petrochemical Company

Since its formation in December 1999, the Saudi International Petrochemical Company, more commonly known as Sipchem, has built itself into a chemical manufacturing company that now employs over 1,100 people.

Sipchem is owned by Saudi private investors and other individuals from countries that make up the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar and United Arab Emirates. This group began with an investment of $500 million and has seen the value grow to the point that revenue in 2015 was nearly double that amount.

The company produces items that take advantage of the abundant reserves available in Saudi Arabia. Among the items that Sipchem sends out on a regular basis are those made of acetate, include butyl, ethyl and ethylene vinyl. In addition, polyethylene that’s either cross-linkable or low density is also available.

Despite the environmental reputation that oil has with some facets of society, great care is taken to produce plastics that can be sustained, engines that can be fuel-efficient and metals that are made to be non-corrosive.

Despite the constraints of Sharia law, which allows for no interest to be charged or earned, Sipchem completed a five-year bond issue worth $266 million in June 2016 that will be used to pay off financially based obligations.

Just one month before, news of Sipchem possibly merging with another Saudi chemical company resurfaced again after talks had apparently ended two years earlier. Should the company merge with Sahara Petrochemicals Co., it would help create a company with a $2.7 billion market value.

Conflict developed in 2014 when it came to determining a proper structure for the merged company. Since that time, the price of oil has been cut in half, though should this agreement proceed, it will be the biggest convergence of companies within Saudi Arabia in the past decade.

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Ma’aden – The Saudi Arabian Mining Company


Ma’aden, officially known as the Saudi Arabian Mining Company, was created in 1997 by the Saudi government in order to fully exploit the rich mineral resources within the country. Based in Riyadh, the Ma’aden has a number of subsidiary offices around the country.

For its first 11 years of its existence, the firm was owned exclusively by the government before stock that comprised 50 percent of the company was offered on Tadawul, the country’s stock exchange.

The commodity projects that Ma’aden has undertaken involve those seeking gold, aluminum and phosphate. One of the by-products of these minerals, diammonium phosphate (DAP) has a collective market of $15 billion, with Ma’aden having eight percent of the market share. It also has a small sliver (one percent) of the $90 billion market that makes up the aluminum industry.

Exploration into acquiring reserves of bauxite, which is necessary in the making of aluminum, continues. In addition, other commodities like copper and uranium are on the country’s list of sought-after minerals. However, aluminum still brings in the most revenue.

Throughout this period, the continued development of Saudi Arabia’s infrastructure capabilities has allowed these minerals to be transported from their remote origins to the marketplace. Railways have served as an invaluable outlet in this area, though other projects like paved roads and interlaced pipes have also helped inject added life to the company’s balance sheet.

With petrochemical businesses and the oil industry literally helping to fuel the country’s continued growth already, Ma’aden is seeking to make its mark to help Saudi Arabia diversify its business interests into the lucrative world of minerals.

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Scott Gegenheimer – ZAIN SAUDI ARABIA

Scott Gegenheimer profile image
Scott Gegenheimer profile image

Scott Gegenheimer – CEO of Zain Group

Mr. Gegenheimer has been the acting CEO of Zain Group since December 2, 2012. He holds a BS in Finance and Management from NIU (Northern Illinois University), as well as an MBA from DePaul University, Chicago.

Mr. Gegenheimer is a seasoned telecom professional boasting over 25 years of experience and a track record that speaks for itself. He has spent most of his professional years in Kuwait and other key locations in the region. He is a native of the US and prior to joining Zain Group, Gegenheimer spent the last years occupying different senior management and leadership positions with major Middle Eastern telecom companies.  He also worked for leading technology companies including Cisco Systems and Motorola.

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Zain Saudi Arabia


Zain is a mobile network operator based in Saudi Arabia. The company is Saudi Arabia’s third mobile network operator and runs its operations using GSM technology. Zain was established on the 26th of August, 2008 and had managed to gather around 2 million subscribers in less than six months of its launch. The company has a 25 year license to operate in the kingdom and is known to have paid $6.1 billion dollars for it. Zain’s shares are traded through the Saudi Arabian Tadawul Stock Exchange.

The mobile network operator is part of the larger Zain Group founded in Kuwait. The Zain mobile and telecommunications group offers its services across the Middle Eastern and North African regions, catering to 44.3 million customers.

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