Saudi KAUST to support SMEs with research innovation

Saudi KAUST to support SMEs with research innovation

Saudi Arabia - King Abdullah University of Science and Technology (KAUST) has announced the launch of Saudi Arabia's first university engagement program intended specifically to foster the growth of small and medium-sized enterprises (SMEs) in the Kingdom. Designed to provide access to KAUST's innovation ecosystem, KAUST SME Innovation Services will help SMEs increase their customer base and reach new markets while diversifying and strengthening the Kingdom's economic landscape.Within the Kingdom, SMEs accounted for more than 99 percent of the private sector in 2018, yet contributed only about 28.7 percent of GDP, according to a recent report by the Small and Medium Enterprises General Authority (Monshaat). With plenty of opportunity for growth, SMEs play an important role in Vision 2030, the Kingdom's blueprint for a thriving economy. To further this vision,