Riyadh – Mubasher: Saudi Crown Prince Mohammed bin Salman Al Saud launched a fund valued at $200 million (SAR 750 million) for early investment in local and international firms specialising in high-tech.
The fund aims to bolster economic diversification and contribute to the creation of high-quality technical jobs, according to Saudi Press Agency (SPA).
It is a part of the new strategy for the King Abdullah University of Science and Technology (KAUST), which seeks to transform research into economically productive innovations.
Furthermore, the initiatives include the establishment of the National Transformation Institute for Applied Research (NTI) to foster technology development.
Al Saud 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.”
These initiatives will enable KAUST to contribute to developing the higher education ecosystem, supporting future scientific research pioneers across the Kingdom, and stimulating the growth of advanced technology startups.
In line with Vision 2030, the Crown Prince earlier greenlighted plans to create Insurance Authority to boost the insurance sector.
