RIYADH: The Crown Prince of Saudi Arabia Mohammed bin Salman has initiated a $200 million fund for early investment in local and global high-tech companies, reported Saudi Press Agency on Sunday.
The program is part of a policy announced for the King Abdullah University of Science and Technology (KAUST). It aims to convert research into economically useful creations by focusing on the national priorities.
The new strategy focuses on enhancing the likelihood of turning research into economically useful innovations.
Under the policy National Transformation Institute for Applied Research has also been launched to strengthen technology development.
$200m Fund Lunched in Saudi Arabia for Tech Investments
The policy aims to reform research centers to align with national priorities for research, development, and innovation.
Crown Prince Mohammed bin Salman has stated that KAUST has always distinguished itself with its research, innovations, and faculty, to become one of the major research universities in the world.
The new strategy would strengthen KAUST’s collaboration with the public and private sectors, so that the objectives of Vision 2030 could be achieved.
Under the new policy researchers, faculty members, and students would be provided with new opportunities to use their research to create a sustainable global impact.
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The KAUST will continue its corporation with some of the biggest firms in the country and the world, such as Aramco, SABIC, ACWA Power, IBM, Dow, and Boeing.
One of the most prominent features of the strategy is to boost international partnerships and develop cooperation frameworks with leading educational institutions and technology giants in the world.
This also includes promoting cooperation with leading academic and commercial institutions in China in the fields of aerospace, robotics, and microelectronics.
