ABB, the pioneering technology leader and SABIC, a global leader in diversified chemicals through Home of Innovation™ have signed a new cooperation agreement to focus on global strategic framework for healthy development of high-technology industries and potential technology ventures across the world. Strengthening their existing relationship at strategic and working levels enables them to use their combined experience to develop next generation solutions for a market currently growing at 16 percent per annum.
The Home of Innovation™ is a SABIC growth initiative. This undertaking combines marketing, innovation and technology to create demand and grow business on a local, regional and global level. It connects SABIC with industry-leading companies to identify market needs and develop the groundbreaking solutions that answer them.
The memorandum of understanding was signed by Sabic's Uwaidh Al-Harthi, Executive Vice President of Innovation & Business Development, and Peter Terwiesch, President, Industrial Automation Division and member of the Group Executive Committee of ABB Limited. "This agreement is an important step in achieving SABIC's passion to support the national transformation program, and Saudi Vision 2030. ABB's deep technology expertise will play a formative role in nurturing this technological development," says Al-Harthi.
"The Home of Innovation™ initiative's mission is to create a business platform for those committed to innovation and growth, bringing together the best minds and organizations interested in the future of the Kingdom and the region, and building productive collaboration," elaborates Dr. Fahad Al-Sherehy, Vice President of T&I, SABIC.
"We are pleased to have this coalition between SABIC and ABB, at a time when digitalization offers significant potential for increasing safety, productivity and energy efficiency in the industry. Our advanced technologies, industry expertise and innovative solutions wants to pave the way for new growth opportunities - for the chemical industries globally, and towards realizing Saudi Vision 2030, locally," observes Terwiesch.
This partnership gives SABIC greater access to ABB's integrated industrial Internet offering and cloud infrastructure. This technological platform, which is known as ABB AbilityTMand is proven across a wide range of technologies and industries, makes it easier for companies to harness the power of industrial data to improve decision-making.
"SABIC is one of the world's biggest chemical players, through this strategic partnership with SABIC we aim to develop next-generation solutions for the chemical industry. Demand for digitalization, automation and robotics is continuing to grow in this sector" explains Colin Ward, Head of Chemical and Refining business, ABB Ltd. "Our extensive ABB AbilityTM digital solutions and deep industry knowledge means we are well positioned to create significant business value for new and existing customers."
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals. The company has more than 35,000 employees world-wide and operates in more than 50 countries, with innovation hubs in five key geographies - USA, Europe, Middle East, South East Asia and North East Asia.
ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. Continuing a history of innovation spanning more than 130 years, ABB today is writing the future of industrial digitalization and driving the Energy and Fourth Industrial Revolutions. As title partner of Formula E, the fully electric international FIA motorsport class, ABB is pushing the boundaries of e-mobility to contribute to a sustainable future. ABB operates in more than 100 countries with about 136,000 employees. www.abb.com
