Sipchem sets up subsidiary to support, finance tech startups

Logo of Sahara International Petrochemical Co. (Sipchem)

Sahara International Petrochemical Co. (Sipchem) announced the establishment of a new subsidiary, Sipchem Innovent Investment Co., to achieve sustainable growth by supporting and financing startups in the field of sustainability.

The move aligns with Sipchem's strategic pillars for 2030, as it seeks to benefit from new technologies to boost innovations, develop advanced technology, and adopt new business models that contribute to sustainable transformation.

This is in addition to developing the company's products in response to the needs of customers in global markets through its business to access innovative technologies that support its core business and promote the growth of the circular economy, Sipchem said in a statement.

Moreover, Sipchem Innovent will invest in technology startups through cooperation with international specialized partners and clients in the field of research and development to provide diverse and innovative solutions, in addition to enabling startups to access technical and knowledge support through Sipchem's extensive experience in manufacturing and marketing.

The company stressed commitment to the pillars of its strategy, topped by sustainability and investment to achieve the main objectives, such as expansion and profitability, as well as developing its sustainability efforts towards the environment.