The new office is situated in the Muqarnas Tower, a 70,000 square meter landmark designed by Skidmore, Owings & Merrill (SOM). The tower's design draws inspiration from traditional Islamic architectural motifs, featuring a façade that enhances shading and sun protection, thereby promoting energy efficiency and sustainability.
Sultan Alobaida, Chief Commercial Officer of the King Abdullah Financial District Development and Management Company (KAFD DMC), expressed enthusiasm about LyondellBasell's arrival, stating that KAFD is solidifying its status as a premier destination for businesses and industry leaders. He emphasized that KAFD serves as a catalyst for progress and a key enabler of Saudi Vision 2030, offering advanced smart technologies and a sustainable environment that empower businesses to innovate and thrive.
Deena Alkhayyal, Managing Director for Saudi Arabia at LyondellBasell Arabian Limited, highlighted the significance of the new office in facilitating the company's growth within the kingdom. She noted that proximity to existing joint ventures would enable the company to maintain strong relationships with stakeholders.
LyondellBasell has been active in Saudi Arabia through various joint ventures. Notably, the company holds a 25% stake in the Saudi Ethylene & Polyethylene Company Ltd., a joint venture that produces ethylene and polyethylene.
In May 2024, LyondellBasell completed the acquisition of a 35% interest in the National Petrochemical Industrial Company (NATPET) from Alujain Corporation. NATPET, based in Yanbu Industrial City, has an annual polypropylene production capacity of approximately 400,000 metric tons, utilizing LyondellBasell's Spheripol technology. This acquisition is expected to enhance LyondellBasell's access to advantaged feedstocks and attractive markets in the region.
The establishment of the Riyadh office aligns with LyondellBasell's strategy to expand its operations and deepen its engagement in the Middle East. The company's presence in KAFD places it among other global and regional corporations, including financial institutions such as Goldman Sachs and HSBC, that have chosen the district for their corporate offices. KAFD is home to more than 75 entities across various industries, from finance and technology to healthcare.
LyondellBasell's commitment to innovation and sustainability is reflected in its choice of the Muqarnas Tower, which incorporates advanced sun control and daylighting features to reduce glare and heat gain. The tower's design fosters productivity, collaboration, and well-being, setting new standards for workplaces in the region.