Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) signed an agreement on Sunday, 22 January, to acquire Shell Arabia’s 50% stake in Saudi Petrochemical Company (SADAF) for $820 million (SAR 3.08 billion), according to a bourse statement.

The acquisition comes as part of its strategy to boost high-yield investments, and is set to be closed by the end of this year after regulatory approvals.

SABIC and Shell Arabia also inked a memorandum of understanding (MoU) to study available investment opportunities locally and overseas.