Mady said the new company will apply the latest state of the art world-class technologies that will enhance its competitive capabilities. The new company plans to establish an applications center which will focus on development of industrial products and applications, especially polycarbonate research and other new added value downstream industries in Saudi Arabia. It is worth mentioning that in January 2006, SABIC and Kayan signed an initial memorandum of understanding (MoU) for SABIC to enter as a partner in the new company. The MoU provided for the review, all work studies and agreements and to update feasibility studies within a two-month period, prior to the signing of a final agreement.
