Saudi Arabia to launch a new strategy for research and development soon: Minister
- Date: 24-Nov-2022
- Source: Arab News
- Sector:Real Estate
- Country:Saudi Arabia
Saudi Arabia to launch a new strategy for research and development soon: Minister
RIYADH: Saudi Arabia is all set to launch a new strategy for research and development as the Kingdom steadily progresses in its journey to diversify an economy dependent on oil for several decades, according to Khalid Al-Falih, the Saudi minister of Investment.
While talking at the Ministry of Education’s Sustainable Partnerships Conference in Riyadh, Al-Falih said that development blended with innovation is the economic key to any country, Al Ekhbariya news channel reported.
Al-Falih further noted that universities in the Kingdom have a crucial responsibility to gain the confidence of the government, as R&D expenditure allocated to each institution will be proportional to their individual capacity.
During his speech, Saudi Arabia’s Minister of Industry and minimal resources, Bandar Al-Khorayef announced that a budget for research and development will be allocated soon.
Al-Khorayef pointed out that the innovation strategy will enhance Saudi Arabia’s exports, and will contribute to national gross domestic production.
Earlier in June, Crown Prince Mohammed bin Salman announced a program for the research, development and innovation sector to enhance the Kingdom’s competitiveness.
According to a report published by the Saudi Press Agency, this twenty-year-long aspiration program includes developments in the fields of health, environmental sustainability, leadership in energy and industry, and future economies.
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