01 November 2011 12:50 [Source: ICIS news]
LONDON (ICIS)--Saudi Basic Industries Corporation (SABIC) has launched a global corporate venture capital arm, called SABIC Ventures, in the ?xml:namespace>
SABIC Ventures aims to build up a portfolio of technology options for the company’s future businesses by investing directly both in seed stage, early stage and late stage companies in the US, Europe and Asia.
“SABIC aspires to be the preferred leader in chemicals,” said Mohamed Al-Mady, SABIC vice chairman and CEO.
“We will accomplish this through organic growth by investing in new assets and expanding current assets; mergers and acquisitions in targeted areas; and new business creation. Venturing provides growth opportunities for new businesses,” he added.
“The organisation will have a global reach,” Al-Mady said.
An innovation fund for the project, managed by SABIC, will cover investments in start-up companies, particularly in advanced materials and composites; alternative feedstocks for chemicals and materials; and alternative energy and cleantech, the company added.
No financial details were disclosed.
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