Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a $200 million investment fund dedicated to backing high-tech companies, both within the kingdom and on a global scale, as part of Kingdom’s comprehensive economic diversification agenda.
This fund is an integral component of the King Abdullah University of Science and Technology (KAUST)’s new strategy. The initiative is designed to revolutionise research by channelling it into economically productive innovations, with a specific focus on national research, development, and innovation priorities: Health and Wellness, Sustainable Environment and Essential Needs, Energy and Industrial Leadership, and Economies of the Future. Furthermore, this strategy aims to bolster KAUST’s partnerships with both the public and private sectors, aligning with the objectives of Vision 2030.
In his statement, Crown Prince Mohammed bin Salman noted that KAUST has stood out for its research, innovations, and esteemed faculty, establishing itself as a leading global research institution. “The new strategy builds on KAUST’s scientific and academic achievements and represents a new era for the University to become a beacon of knowledge and a source of inspiration and innovation in line with Vision 2030 aspirations for the betterment of the Kingdom and the world,” he said.
Saudi Arabia: Fostering economic advancement
The central aim of the new strategy is to elevate the likelihood of translating research findings into economically advantageous innovations. This ambition will be realised through three pivotal endeavours:
- The inauguration of the National Transformation Institute for Applied Research (NTI), which is designed to expedite technology development and commercialisation. This initiative is aimed at bolstering the Kingdom’s economic diversification efforts.
- A restructuring of research centres to align them with national research, development, and innovation priorities.
- The establishment of a $200 million fund (equivalent to SAR 750 million), which will address unmet investment needs in both local and international high-tech firms. This fund is expected to boost economic diversification and facilitate the creation of high-quality technical jobs.
Empowering students and researchers in Saudi Arabia
The strategy also seeks to provide valuable opportunities for researchers, faculty members, and students, empowering them to apply scientific discoveries and research for global sustainability. This will be achieved by strengthening partnerships, both international and local.
Notably, the KAUST Reefscape Restoration Initiative, in collaboration with NEOM, will focus on the cultivation and restoration of extensive coral reefs spanning 100 hectares on Shushah Island in the Red Sea. KAUST will also continue collaborations with major companies, including Aramco, SABIC, ACWA Power, IBM, Dow, and Boeing, in both the Kingdom and internationally.
Forging global partnerships
A standout aspect of this strategy is the emphasis on reinforcing international partnerships and fostering cooperative frameworks with leading academic institutions and technology pioneers worldwide. This involves the establishment of strategic cooperation agreements with prominent academic and commercial entities in the Chinese city of Shenzhen, promoting joint research efforts in cutting-edge fields such as aerospace, robotics, and microelectronics.
According to the KAUST, through these initiatives and partnerships, it aims to contribute to developing the higher education ecosystem, nurturing future scientific research pioneers in the Kingdom, promoting research and global innovation, and stimulating the growth of advanced technology startups. This will enhance the competitiveness of the Kingdom’s economy and its global position as a leader in innovation.
