Mutlak Al-Muraished, deputy CEO of SABIC, said he expected the world would witness tremendous economic growth during 2011, especially in the petrochemical sector.

"There is a bright future for petrochemicals," he said addressing a function at Asharqiya Chamber. "Petrochemical industries in the Gulf enjoy a number of positive factors," he added.

He said GCC countries can supply petrochemical products to markets in India, China and Africa easily at reduced cost. "Everybody knows that 30 percent of cost comes from transportation," he said.

He said SABIC has factories in more than 40 countries and offices in 80 countries, offering more job opportunities for Saudis. "About 80 percent of our employees are Saudis," he pointed out.