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FINANCIAL NEWS
Saudi SABIC establishes SABIC Ventures
02 Nov 2011
(MENAFN) The Saudi Basic Industries’ Corp. (SABIC) vice chairman and CEO, Mohamed Al-Mady, said that the company established SABIC Ventures, a new global corporate venture capital arm in the Netherlands, reported Arab News.
Al-Mady added that the aim of the new establishment was to look for new technologies and businesses that would correspond to the firm’s global strategy.
He also said that SABIC Ventures would be financed by an Innovation Fund, which would be managed by the organization; moreover, the fund would cover investments in start-up firms.
It is worth noting that SABIC plans to invest in new assets and to expand current assets; in addition to mergers and acquisitions in targeted areas; and new business creation in order to spur the company’s growth.
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