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The Gulf petrochemicals industry must embrace strategic partnerships, accelerate innovation, and deepen sustainability efforts to navigate unprecedented global market shifts and secure its future as a global industrial powerhouse.
This urgent call to action was delivered by Gulf Petrochemicals and Chemicals Association (GPCA) chairman and Sabic chief executive officer Abdulrahman Al Fageeh during the opening session of the 19th annual GPCA Forum, hosted in Exhibition World Bahrain.
Mr Al Fageeh first offered congratulations to Bahrain on the occasion of its National Day next week, praising the kingdom’s vigilant leadership before addressing the gathering of top government ministers, executives and experts.
The chairman underscored the GCC chemical sector’s pivotal role, noting it accounts for roughly one-tenth of the GCC’s manufacturing value and over four per cent of its GDP, making it a fundamental engine of economic growth and diversification that supports employment and infrastructure across the region.
However, he warned that “Global markets are shifting at unprecedented speed and complex challenges overshadow some remarkable opportunities and achievements.” He stressed that the industry’s ability to navigate this “tricky period” will define its competitiveness and its contribution to global prosperity.
Mr Al Fageeh highlighted clear priorities for the path ahead: strengthening resilience, accelerating innovation, and advancing lower carbon emissions and solutions.
Mr Al Fageeh emphasised that while the global chemical sector accounts for a percentage of the planet’s CO2 emissions, its products are ‘essential for a net-zero future, being critical components in technologies like solar panels, wind turbines, electric vehicles and energy storage.
He asserted that embracing a green future is not merely a compliance issue, but a “central element of our industry’s long-term value creation.”
Regional companies are already increasing investments in circularity and sustainability, ranging from advanced recycling and bio-based feedstocks to carbon capture and digital technologies. Mr Al Fageeh urged the sector to accelerate this trend to meet rising global expectations.
The central message of the address focused on the necessity of co-operation, stating a “truth” the industry must acknowledge: “No single company, no single country, can on its own successfully address the challenges of overproduction, overcapacity, evolving regulations, and technological disruptions.”
He identified ‘strategic partnerships’ as the “most powerful catalyst for growth,” particularly those involving the public and private sectors collaborating across industries, borders, and disciplines.
This enhanced collaboration is required for: Economic resilience, Production efficiency, Long-term industrial growth.
He concluded by encouraging forum attendees to engage with a renewed commitment to shape the region into an “innovative and sustainable industrial powerhouse.”
avinash@gdnmedia.bh
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