Saudi Arabia unveils $200m fund to propel local and global high-tech

Saudi Arabia unveils $200m fund to propel local and global high-tech

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of $200m (SAR750m) fund for early investment in local and global high-tech companies, which will enhance economic diversification and contribute to the creation of technical jobs, reported Saudi Press Agency.

The initiative is part of a strategy announced for the King Abdullah University of Science and Technology (KAUST).

The strategy aims to transform the research efforts into innovations that hold economic value, with a specific emphasis on addressing the country’s key research, development and innovation priorities.

These priorities encompass health and wellness, sustainable environment and essential needs, energy and industrial leadership and future economies.

Moreover, the strategy seeks to enhance KAUST’s collaborations with both the public and private sectors.

Crown Prince Mohammed bin Salman said: “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.”

The new strategy focuses on increasing the likelihood of turning research into economically beneficial innovations. This ambition will be achieved through three major initiatives: the launch of the National Transformation Institute for Applied