The petrochemicals industry represents one of the fundamental pillars of the GCC economy, witnessing an unrivalled phase of sustained growth. This growth seen for the last two decades is expected to continue unabated for the future.
Investments in chemicals and petrochemical industry grew at 5% from 2000- 2006, increasing from US$52 bln to US$70 bln. Investment outlay in this sector is anticipated to reach US$120 billion by 2010. Ethylene will be concentrated in the Middle East as almost 50% of the world's ethylene growth capacity in the next five years will be through projects coming up in the region. By 2010, ethylene production from Iran and the GCC member states will double to 20% of global capacity.