Saudi Basic Industries venture capital arm is looking at acquisitions of up to USD 100 million for the new business and has already made a few purchases in Europe and the US.

Mr Mohammed Al Mady CEO of SABIC said that the petrochemicals giant, one of the world's largest chemicals firms by market value, expected to see moderate growth in 2012 on the heels of record quarterly results so far this year.

Mr Al Mady said that "The good news is that we are still in growth and not in recession. Yes, it's moderate growth but it's still growth. Our fertilizer business is doing well and chemical plastics follows the GDP of the world so if there is a slowdown it will follow suit. Next year is probably going to follow on the heels of 2011. It will be another good year. It may slowdown a little bit.”

He said while asking whether Netherlands based Sabic Ventures was looking at investments in the range of USD 5 million to USD 100 million that it is in that range. We are looking at companies in the incubation stage. We have already made a few acquisitions in Europe and the US.

(Sourced from Reuters)