Kuwait's PIC submits First Sustainability Report ’12/13 Global changes had severe impact on local market: Al Saad

KUWAIT CITY, July 22: In presence of Asaad Ahmad Al-Saad (Chief Executive Officer-PIC), Deputy CEOs and the Sustainability Team, Petrochemical Industries Company (PIC) celebrated on July 21st for its First Sustainability Report of 2012/2013.
"We are pleased to submit this report which sets the major landmarks for our internal and external stake holders. By choosing to disclose our Company's sustainability performance on an annual basis, we set an unprecedented positive step in Kuwait and the region," Al-Saad said.
"The Report sends a message to our stake holders that the Company is committed to the development of a sustainable operating model that incorporates the economic, social and environmental elements into the decision-making processes," he added.

Al-Saad pointed out that the Sustainable Development is a relatively new concept in the Middle East and specifically in the Gulf Cooperation Council (GCC). "The world pressures and major changes, however, had severe impact over the local markets, even in the energy-exporting countries including the GCC countries," Al-Saad continued.
"The recent economic crisis shed light on the undeniable fact that our world is more connected and inter-related than ever, and that the welfare of our economies are equally interdependent. These facts force us to reconsider the global issues and incorporate them within our long-term strategy."
"The Sustainable Development is the one that meets our current needs without compromising the ability of future generations to meet their own needs," Al-Saad described the Sustainable Development concept.
"We believe that to develop our business sustainability, we must incorporate Economic, Social and Environmental goals into our business strategy which seeks to find local, Kuwait-based solutions," Al-Saad concluded.

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