Riyadh-based petrochemicals maker Saudi Basic Industries Corp. (Sabic) has formed a venture capital unit Sabic Ventures to grow beyond the petrochemicals business, Reuters reports. Based in the Netherlands, the new firm will put its money in technologies and new business in the U.S., Europe and Asia.
It will make investments in advanced materials and composites, alternative feedstocks for chemicals and materials as well as alternative energy and clean technology. The firm will be financed through an innovation fund managed by Sabic.
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