Saudi’s KACST, RDIA & WEF sign LoI to establish new innovation accelerator program

Saudi’s KACST, RDIA & WEF sign LoI to establish new innovation accelerator program

Saudi Arabia’s King Abdulaziz City for Science and Technology (KACST), The Research, Development and Innovation Authority (RDIA), and World Economic Forum (WEF), have signed a Letter of Intent (LoI) to establish a new accelerator program to help ignite innovation in kingdom.

Under the LoI, KACST will work alongside WEF to connect experts and knowledge partners from the public and private sectors to identify and unlock new promising markets as part of the ongoing work to transform the Saudi economy.

The LoI was signed during a high-level delegation from Saudi participation in a multilateral meeting with WEF leadership at WEF’s 2023 Annual Meeting.

It was attended by His Highness Prince Faisal Bin Farhan Al Saud, Minister of Foreign Affairs, Her Royal Highness Princess Reema bint Bandar Al Saud, Ambassador to the United States of America, His Excellency Abdullah bin Amer Alswaha, Minister of Communications and Information Technology, His Excellency Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, and His Excellency Faisal Fadhil Alibrahim, Minister of Economy and Planning, met with Mr. Klaus Schwab, Founder and Executive Chairman of WEF and Mr. Borge Brende, President of WEF, to explore areas of mutual interest.

During the meeting, the delegates highlighted the Kingdom’s role as a