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FINANCIAL NEWS
Sabic to build research center in Saudi university
21 Apr 2010
(MENAFN) Saudi Basic Industries Corporation (Sabic) said that it plans to set up a new research and innovation center at the King Abdullah University of Science and Technology (Kaust).
Sabic announced that it has signed a long-term agreement with the Saudi university, saying that the center would commence operations by 2012.
Under the agreement, Sabic will provide construction funding for the Sabic Research and Innovation Center, as well as support for research on the jointly agreed industry-academic projects to be undertaken in the campus.
Sabic CEO, Mohamed H Al-Mady, said that this cooperation would lead to several innovations and technical solutions that serve the industrial sectors in Saudi Arabia, the region and the world.
The Sabic Center for Research and Innovation will work to boost the collaboration and innovative goals shared by Sabic and Kaust, and will employ up to 150 scientists on research and technology projects, particularly in the areas of catalysis, composites and membranes, Al-Mady said.
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