Saudi petrochemical giant SABIC said on Tuesday that it has signed an agreement with the UK's Cambridge University to develop new technologies.
Saudi Arabian Basic Industries Corporation said in a statement that it has inked a multi-year agreement with the university, one of the world's top education institutions, "to mutually develop advanced technologies into innovative solutions".
The deal, which was signed in the presence of Mohamed Al-Mady, SABIC CEO, will focus on diverse areas of research including chemical engineering, biotechnology, energy, functional materials and modelling.
The agreement will allow SABIC researchers to work with world class teams of scientists in the respective joint research areas, the statement said.
Ernesto Occhiello, executive vice president, SABIC Technology and Innovation, said: "With this agreement, SABIC has demonstrated its growth commitment through intensified and meaningful cooperation with key partners in research.
"By developing innovative solutions we seek to further accelerate our product and technology advancement to fulfil our overall corporate goals."
He added: "We are indeed proud to be associated with the University of Cambridge. Through this partnership we hope to stimulate knowledge collaboration as part of our ongoing investments in world-class technologies and technical expertise."
The University of Cambridge is one of the world's oldest universities and leading academic centres, and a self-governed community of scholars.
SABIC signed four other research collaboration agreements earlier this year - with the Dalian Institute of Chemical Physics, China; ETH Zurich, Switzerland; National Research Council, Italy; and Fraunhofer-Gesellschaft, Germany.