Saudi Public Investment Fund to control 50 percent stake in a joint venture with Sabic, Aramco

25/03/2014 Argaam

Saudi Arabia’s Public Investment Fund will own a 50 percent stake in the newly approved joint venture with Saudi Basic Industries Corp, (Sabic) and Saudi Arabian Oil Co (Saudi Aramco), Asharq al-Awsat reported, citing an unidentified source in the Public Fund.

 

SABIC and Aramco own 25 percent each in the joint venture, Saudi Arabian Industrial Investment Co.. The new company will invest in petrochemicals, fertilizers, plastics, steel, aluminum and other manufacturing industries to diversify the Saudi economy.

 

 The company will also involve in the ship-building industry.

 

The Saudi cabinet approved the new company which will have a capital of SAR 2 billion.

 

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