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Sabic to set up venture capital arm

Saudi Basic Industries Corp (Sabic) has announced that it is setting up a new venture capital arm to invest in innovative technology and companies, as it seeks to expand beyond petrochemicals, Reuters has reported. The new firm, Sabic Ventures, will be based in the Netherlands and will invest in technologies and new business, the company said. "Sabic Ventures aims to build up a portfolio of technology options for the company's future businesses. It will do this by investing directly both in seed stage, early stage and late stage companies," Sabic said.