Saudi Basic Industries Corp.’s (SABIC) has launched a new unit called SABIC Investment and Local Content Development Company, Saudi Press Agency reported citing Fuad Mousa, the petrochemical company’s Vice President.

 

“The new company is the first independent fund in the Kingdom to help generate business opportunities and collaborate with small and medium enterprises (SMEs) to enable their sustainable success,” Mousa said.

 

The new company is expected to generate over 500 million Saudi Riyals via public private partnership, the report added.

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