Saudi firm SABIC opens new India technology hub

Saudi Arabia-based SABIC on Friday opened its new $100 million technology center in Bengaluru, India.

The technology center will house 300 scientists, whose roles are to carry out research into new platforms for next-generation materials across industry sectors such as construction, clean energy, electronics, medical devices and transportation.

"Other initatives include designing greener building materials to reduce environmental footprints and developing eco-friendly products in response to global megatrends and needs," the company said in a statement.

SABIC has 17 technology and innovations centers around the globe, with the India location the newest.

"Saudi Arabia and India have a long history of deep relationships," said Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of SABIC.

"We believe in the future of India -- a rapidly developing nation where partnership and inclusive development is a priority," he added. "India is an important market for us in Asia, which is why our investment here is significant."

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