Through one of those fortuitous instances of happenstance, Saudi industrial conglomerate Tasnee and its CEO Fawaz Al Fawaz began their careers in the same year: 1985. Despite their respective starting lines being a ways apart, the professional trajectories of Tasnee and Al Fawaz eventually intersected three decades later.
“My background is in finance and accounting,” Al Fawaz tells The CEO Magazine. “I started with the Saudi Basic Industries Corporation (SABIC) and served in different finance roles until I reached CFO in 2010.”
“Tasnee’s values are guided by excellence, teamwork, integrity and seeking knowledge.”
Meanwhile, Tasnee was developing into one of Saudi Arabia’s leading industrial and petrochemical companies and a key contributor to the kingdom’s industrial developments.
“I was given the opportunity to join Tasnee as Global CFO in 2015, in part because of the petrochemical experience I’d gained during my time at SABIC,” Al Fawaz says.
In collaboration with
ABSA Al Barrak
Ready to take on higher responsibilities, Al Fawaz enthusiastically accepted Tasnee’s offer. His mandate included enhancing financial performance, supporting the CEO with accelerating growth, developing strategic plans, managing acquisitions and divestments and implementing robust governance, control and digitalization frameworks, as well as integrating ESG principles.
By leveraging Tasnee’s strategic partnerships with global leaders such as United States-based chemical concern LyondellBasell and Japanese titanium giant Toho, he drove sustainable growth, innovation and long-term success.
“I was fortunate to be surrounded by a talented and dedicated team, poised to lead the company to new heights and drive its next phase of growth,” he says.
Strategic growth
The man himself achieved that next level in 2024, when he was appointed CEO. He says it’s an honor to lead a company with such strong core values.
“Tasnee’s values are guided by excellence, teamwork, integrity and seeking knowledge,” Al Fawaz says. “Its strong legacy was built on this foundation, and our three strategic business units drive growth and deliver these values to customers.”
“Such diversification presents challenges that we’re agile enough to adapt and overcome.”
At the heart of Tasnee are its strategic units, a range of essential petrochemical products including ethylene crackers and polyolefins such as high and low-density polyethylene and polypropylene.
“These showcase our unwavering commitment to excellence and quality, ensuring our products meet the highest standards of performance and reliability,” Al Fawaz says.
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In 2004, Tasnee established the first propane dehydrogenation butane (PDH) plant in the Middle East; according to Al Fawaz, that plant is one of the most efficient and profitable PDH plants in the world today.
“In contrast, our downstream unit focuses on producing a diverse portfolio of innovative products, including plastic pipes and pallets, packaging solutions, car batteries, agrifilms, lead smelting and inspection and technical testing services,” he says.
“Our range showcases our agility and responsiveness to shifting market demand, enabling us to maintain our position as a trusted and reliable partner for our customers. Their needs evolve, and it’s up to us to consistently deliver tailored solutions.”
Common goals
Assisting Tasnee in its quest is a host of trusted and reliable partners and stakeholders that share common objectives. From resource suppliers to logistical partners, Al Fawaz says Tasnee’s allies are crucial to success.
“We don’t claim to know everything, so we need all available resources and knowledge to achieve our goals,” he says.
“We think and act together with our partners and help them grow with us through effective communication, proper planning and education.”
“Our growth initiatives are closely aligned with the Saudi Vision 2030 road map, and I’m excited for the role we’ll play in shaping the economic future.”
This level of care is also extended to customers, whose feedback is an inspiration to Tasnee.
“We listen to them. We visit them and survey them from time to time to see what they need, what they want, and how they rate us compared to the competition,” he adds.
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One advantage Tasnee enjoys over its peers, Al Fawaz says, is its integrated business model.
“We’re able to produce petrochemicals, downstream products and metallurgy,” he says. “It’s a unique approach that enables us to capture value across the entire supply chain. Such diversification presents challenges that we’re agile enough to adapt and overcome.”
Innovation and sustainability
Metallurgy, Tasnee’s third pillar, is a particular point of pride. The firm has established itself as a titanium industry leader in the region, responsible for the establishment of the world’s second-largest titanium dioxide company and the first titanium metal sponge plants in the Middle East and North Africa.
“These are state-of-the-art facilities that deliver on our commitment to sustainability and responsible practices,” he says.
“We think and act together with our partners.”
To that end, Tasnee captures and recycles waste from its petrochemical plant, promoting resource efficiencies and minimizing disposal. Al Fawaz says it’s a great demonstration of the company’s dedication to sustainability, innovation and environmental stewardship.
“For instance, our battery recycling program is another shining example of sustainability in action,” he says. “We produce 1.5 million car batteries annually and recycle old batteries, recovering valuable materials like lead, plastic and polypropylene. The recycled polypropylene is then used to manufacture over one million plastic pallets, replacing traditional wooden pallets and reducing waste.
“Furthermore, we capture and recycle waste from our petrochemical plant, promoting resource efficiency and minimizing disposal.”
And as the future arrives, Tasnee remains dedicated to driving progress through those responsible practices, technological innovation and a strong commitment to Saudi Vision 2030, the government program that seeks to elevate the nation economically, culturally and socially.
“Our ambition is clear: to take the industry forward while creating value for our stakeholders and contributing meaningfully to the future of Saudi Arabia,” Al Fawaz says.
Future plans
And that, in a nutshell, is Tasnee’s next five years.
“We know we need to continue to grow based on the clear strategies approved by our board, but as a leading player in the local petrochemical sector, we’re deeply committed to supporting the Saudi economy and transformations,” Al Fawaz says.
“Our growth initiatives are closely aligned with the Saudi Vision 2030 road map, and I’m excited for the role we’ll play in shaping the economic future.”
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One major aspect of that growth is a US$700 million expansion of Tasnee’s existing complex.
“This brownfield expansion will boost capacity by over 20 percent,” he says. “Additionally, we’re progressing with our world-scale integrated cracker complex valued at over US$10 billion, which will nearly double our current production capacity.”
Although the business and its leader began their journeys in very different places, it’s clear that in Al Fawaz, Tasnee found the right CEO to clearly guide it into an exciting future.
In collaboration with
ABSA Al Barrak
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