John Wei, senior investment manager at Sabic Ventures, the corporate venturing arm of Saudi Arabia-based chemicals producer Saudi Basic Industries Corporation, has left the unit to join tech company Applied Materials’ corporate venturing unit, Applied Ventures.
Wei, a GCV Emerging Leaders award winner this year, was responsible for Sabic Ventures’ North America and Greater China investments over the past six years.
In a LinkedIn note Wei said: “I’m grateful for the amazing six years of experience. On to the next chapter!”
He added: “Excited to join Applied Materials to invest in deep tech startups. Looking forward to building amazing businesses together with entrepreneurs and fellow investors.”
Sabic has also set up a separate vehicle called Nusaned Fund to invest in sustainability. Under chief investment officer Fahad Alnaeem, it has struck a joint venture with Germany-based Schmid Group to develop advanced rechargeable batteries, and with Suhul Alkhaleej to manufacture wood plastic composites.
As newsletter Oil & Gas Middle East said in July this year: “Corporate venture capital (CVC) funds to manage these challenges [of covid-19 and the steep drop in oil prices] by putting in motion three strategic moves: supply chain localisation, technology innovation and environmental sustainability.”
Updated to include his new role at Applied Materials.
