SABIC, SNB Capital launch SAR 750 mln fund to support startups, industrial sector

27/03/2022 Argaam
Logo of Saudi Basic Industries Corp. (SABIC)

Logo of Saudi Basic Industries Corp. (SABIC)

Saudi Basic Industries Corp. (SABIC) announced the launch of Nusaned Fund II, in cooperation with SNB Capital, at a value of SAR 750 million ($200 million).
 

The rollout of the new fund comes with the aim of supporting startups and developing the industrial sector, Saudi Press Agency reported.
 

The announcement came during the first day of the Global Entrepreneurship Conference (GEC) currently held in Riyadh, under the patronage of Crown Prince Mohammed bin Salman.

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