Saudi Basic Industries Corp., the kingdom’s largest chemical producer, appointed a senior Saudi Aramco executive to succeed its retiring CEO after posting a massive 2025 loss as it navigates a softening global chemical market.
Faisal Mohammed Al-Faqeer, currently senior vice president of liquids to chemicals at Saudi Aramco, will take over from Abdulrahman Saleh Al-Fageeh next month, Sabic said. Al-Faqeer already serves on Sabic’s board.
The company is scaling back operations in Europe and the Americas amid falling demand, weaker pricing, and lower capacity utilization, which have pressured margins across the sector. In January, Sabic agreed to sell assets in those regions for a combined enterprise value of about $950 million.
Sabic reported a 25.78 billion riyal ($6.87 billion) loss for 2025, compared with a 1.54 billion riyal profit a year earlier, citing impairments and losses tied to the divestments.
📌 Why it matters:
Sabic’s leadership transition and regional pullback show how even state-backed chemical giants are recalibrating strategies to manage declining margins and shifting demand in mature markets.
📌 Bottom line:
Bringing in an Aramco executive signals a tighter alignment between Sabic and its largest shareholder, while divestments in Europe and the Americas aim to stabilize finances and focus on higher-growth, more profitable regions.
Click here for Sabic’s financial statement.
