Saudi Basic Industries Corp (Sabic) is buying part of a residential project from Dar Al Arkan for US$ 198 million, as per company releases. Dar Al Arkan will book gains from the land sale in the second quarter of 2012.
Incorporated in 1976 by a royal decree in order to use by-products of oil extraction to produce export-oriented value added commodities, Saudi Basic Industries Corporation stands today as one of the world’s top petrochemicals companies. Majority owned by the Saudi sovereign, Sabic is a diversified industrial conglomerate mainly focused, through six strategic business units, on the production of chemicals, polymers, fertilizers, metals, innovative plastics, and performance chemicals.
Bank Audi research