Dow Chemical in the Middle East, a leading science and technology company, has announced regional sales of US$1.7 billion during the full year 2008, which is an increase of close to 14 percent from the previous year for the IMEA region.
Globally, Dow reported record annual sales of $57.5 billion, 7 percent higher than $53.5 billion in 2007, setting another record for the Company. Volume was down 5 percent, with declines in all geographic areas except India, Middle East & Africa. Sales for the fourth quarter were down 23 percent from the same period last year to $10.9 billion. Volume declined 17 percent, and was down in all operating segments and in all geographic areas, reflecting the global economic downturn.
Commenting regionally, Earl Shipp, president, Dow Chemical IMEA, said: "We remain committed to our transformational strategy in the Middle East. By continuing to leverage our strong portfolio of joint ventures and market-facing performance business divisions, Dow is positioned for further growth and profitability in the region".
Dow Chemical in the Middle East - 2008 Highlights:
Corporate & Business
• Dow Chemical launched the Dow Oil & Gas business platform at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), one of the world’s largest petroleum events.
• Dow Wire & Cable, a global business of The Dow Chemical Company, introduced its complete portfolio of insulation, semi-conductive and jacketing compounds for high and extra high voltage underground cables in the Middle East.
• Dow Water Solutions showcased its innovative solutions portfolio and expanding Middle East presence at the Saudi Water & Power Forum.
• Dow in the Middle East launched DOWLEX™ PE-RT, a class of polyethylene for pipe applications for elevated temperatures at the Middle East Plastic Pipes conference.
Community Success
• Through its charitable arm, The Dow Chemical Company Foundation, Dow Chemical committed KD 200,000 to the Lothan Youth Achievement Center (LoYAC) in Kuwait to provide the youth of Kuwait with unique opportunities to develop their personal growth.
• Dow continued to support the Young Arab Leaders (YAL) ‘Arab and American Dialogue Program’. Key 2008 programs included the Global Action Forum and the Arab American Business Fellowship (AABF).
Awards
• Dow Chemical in the Middle East was honored as the winner of the ‘Employer of the Year’ category at the 2nd Middle East Business Achievement (MEBA) Awards.
• Dow Chemical in the Middle East won a prestigious honor at the Middle East HR Summit Excellence Awards ceremony. Dow topped the ‘HR Initiative of the Year’ category and was also named the runner-up for the ‘Employer of the Year’ category.
• Dow in Middle East won the ‘Best Workplace Practices’ award at the 5th CSR Summit 2008 in Dubai in recognition of the company’s innovative and distinctive internal practices.
• Dow was presented with an Emirates Environmental Group (EEG) annual award, which recognized Dow’s commitment to protecting the environment.
