Saudi King appoints Sabic CEO to defence industries post

Dubai: New Saudi King Salman appointed Sabic CEO Mohamed al-Mady as the president of the country’s military industries corporation, a royal decree published on the state news agency SPA said on Saturday.

The statement did not make immediately clear whether al-Mady would be leaving his post at Saudi Basic Industries Corp. Sabic is the world’s fourth largest chemical producer and the country largest publically-listed company.