Since the last quarter of 2008 and through 2009, the world economy has been experiencing one of the most dangerous financial crises. This crisis had its impact on the economic activity worldwide. But we, in Saudi Arabia, managed to overcome its consequences due to the wise policies adopted by the government. The effects of such crisis were limited on our economy which is evidenced in the State general balance, including the highest expenditure in its history and launching a great number of developmental projects all over the country while many countries in the world are still suffering from economic recession.
It is true that the world crisis had its effect on TASNEE activities due to decrease in prices and demand for some of our products, yet we managed to overcome this crisis which coincided with our most significant project (Saudi Ethylene & Polyethylene Company, owned by TASNEE with local and global partners) entering the commercial operation stage which enabled us to achieve great growth in TASNEE profits in the second half of 2009 despite reduction in this yearÕs profits due to the crisis effects on the first half of 2009.
We are looking forward to a new decade of developments which TASNEE will witness by enhancing its industrial activities and acquiring and developing advanced techniques that would serve its markets and customers in Saudi Arabia and worldwide, taking into consideration its social and environmental responsibility.
Every year we used to have an exclusive feature that distinguishes our business; Last year, we have launched our Ethylene & High - and low - Density Polyethylene projects with productive capacity reaching one million tons of ethylene per year. This year we launched the Acrylic Acid and its derivatives project. We will cope with developments and interact with variables, with the aim of entering into partnerships and alliances that would increase TASNEE strength and ability to continue and grow.
Finally, I would like to offer my thanks and appreciation to my colleagues, Board members, for the efforts they exerted and will continue to exert for the success of TASNEE business. My thanks and appreciation is also extended to TASNEE employees as well as to its shareholders for their trust and support seeking Almighty Allah to help us for more success.
Engineer/ Mubarak Bin Abdallah Al-Khafra