The Saudi Industrial Investment Group (SIIG) is set to acquire a stake in sustainable protein company Unibio International. 

The Saudi petrochemical firm has signed an agreement to buy shares in the Denmark-based company for an investment of $70 million, which represents 24% of Unibio's "current funding round", according to a disclosure on the Saudi Stock Exchange (Tadawul). 

The investment will be in two phases. SIIG will acquire 9.9% stake in the first phase, while the remaining stake will be acquired after obtaining the Danish government's approval for a foreign direct investment (FDI). 

The two companies are also looking to develop a project in Saudi Arabia to produce bioprotein using dry gas. 

Unibio intends to use the $70 million investment to roll out new "global production capacity, grow operating capabilities and accelerate innovation and commercialization," the company said in a separate statement. 

(Reporting by Cleofe Maceda; editing by Seban Scaria)