Saudi Arabia-based manufacturing and chemical firm The Saudi Basic Industries Corporation (SABIC) launched a corporate venturing unit, to be known as SABIC Ventures, yesterday. SABIC Ventures will be based in the Netherlands where its parent company’s European headquarters are located.
SABIC Ventures will looks to invest in startups focused around advanced materials and composites, biomass for chemicals and materials, and alternative energy and clean technology, based in Europe, Asia and the US.
As well as investing across the Seed, early and late stages, the unit will look to invest in mergers and acquisitions, and in new business creation.
Mohamed Al-Mady, chief executive officer of SABIC, said: “SABIC aspires to be the preferred leader in chemicals. 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.”