In 1967 Mohanna Abdulaziz Almoaibed set out to establish a chemical manufacturing company in the Eastern Province—a highly unusual business venture for that time in Saudi Arabia.
However, Almoaibed, the founder of Basic Chemical Industries Co., is a man who was always ahead of his time, and although his efforts were met while scepticism, he pushed forward and successfully established the very first company of its kind, not only in Saudi Arabia but in the region as a whole. In a calculated move, he partnered while the Local Industries Development department at ARAMCO, ensuring business sustainability by having this strong buyer on board even before its inception.
The Manufacturing Plant was built in the first industrial zone in Dammam, while help from several key partners:
In its early years, and as often happens in the early stages, the company faced several obstacles including a shortage of financial support. However, while the support of a new partner, Mr. Darwish bin Abdullah Aldarwish financing was arranged thorugh the Arab French Banks, and after 8 years of facing various trials and obstacles, the manufacturing plant started production in 1975.
Early investors and partners also included Ali Altamimi, Mohammed and Abdulrahman Albawardi, Abdulatif Alali Alissa and Sons Company, which had the biggest shareholding along while Alothman and Almuammer.
In the year 2008 the Basic Chemicals Industries Company took a unanimous decision and went public becoming a shareholding company listed on the local stock exchange market. Today its shares are traded in the Saudi Stock Exchange Market while the original shareholders still hold a considerable stake in the company that launched the production of basic chemicals in Saudi Arabia.