CAIRO: The Dow Chemical Company reported sales of $14.8 billion for the first quarter of 2008, with particularly strong demand in the India, Middle East and Africa (IMEA), the company said in a press statement.
Dow’s IMEA sales rose 26 percent from the same period last year to $402 million, setting a new regional record. Price was up 11 percent, while volume increased 15 percent, the highest gain across all five of Dow’s geographic areas.
Commenting on the company’s outlook, Dow’s chairman and chief executive officer Andrew N. Liveris said, “Our outlook continues to reflect a strong international economy and a robust agricultural sector, which should counterbalance a soft US economy. With more than two-thirds of Dow’s sales and over 70 percent of our joint venture sales outside of the United States, our geographic balance provides a hedge against a further US slowdown.
“The Middle East is rapidly becoming a global hub for the petrochemical industry as the region diversifies and enhances its economies, said John Dearborn, president, IMEA, The Dow Chemical Company. “The IMEA region at large is a major focal point for Dow’s global plans as we see considerable opportunities here in the region for our products and services.
Dow has eight current and proposed Middle East joint ventures in the UAE, Egypt, Kuwait, Libya as well as in Saudi Arabia, where Dow and Saudi Aramco are in the negotiation phase for the formation of a joint venture company to build, own and operate a world-scale chemicals and plastics production complex in the Eastern Province.
From the opening of its first commercial office in Cairo in the early 70s to its facility in Jebel Ali in Dubai and its 10 year partnership in Kuwait with EQUATE, Dow has become a key player in the Middle East petrochemicals industry.
“Through the Company’s strong alliances with organizations such as the Young Arab Leaders (YAL), Emirates Environmental Group (EEG) and Lothan Youth Achievement Center (LoYAC), Dow is committed to the betterment of the environment and humanity, the statement read.
With annual sales of $54 billion, Dow has a total of 46,000 employees worldwide.
