Diversifying Saudi Arabia will still Invest $91 Billion in Petrochemicals over 10 Years
Saudi Arabia (KSA) has experienced a robust growth in its economy in recent years with a growth of around four percent anticipated for the financial year 2014-2015.
The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil and energy based economy. However, KSA is determined to maintain its leading position as one of the largest producers of petrochemicals and is aiming to achieve a production capacity of over 100 million tons per annum by 2015.
It has earmarked $91 billion to be spent over the next 10 years to build new plants and expand existing ones and integrate refineries with new or existing petrochemical units.
In order to sustain this expansion, KSA has created lucrative business opportunities in its plastic and petrochemical industries. In fact, it is the only GCC state to allow private investment in the petrochemical sector with several incentives such as affordable energy, low cost raw materials, and advanced industrial infrastructure, especially in Yanbu.
This has led to growth in Saudi plastics and petrochemicals from less than $0.5 billion in 1985 to $22 billion in 2011. To further throw the spotlight on KSA’s two primary economic sectors, the Riyadh Exhibition Company will organize Saudi Plastics and Petrochem – the 12th International Plastics and Petrochemicals Trade Fair in Jeddah in 2015.
The event will be held from March 1 to 3, 2015 at the Jeddah Center for Forums and Events to highlight cutting edge technologies and products in petrochemicals and plastics sectors.
Organizers confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the Diamond sponsor along with Rabigh Refining & Petrochemical Co. (Petro Rabigh) as the Gold Sponsor.
The exhibitors will get an opportunity to showcase their solutions and services to a broad audience comprising diplomats and high-ranking government officials, industrialist and manufacturers, distributors, suppliers and retailers, industrial engineers, and purchasing and operations managers, to name a few.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.