$200 million.. investment in high-tech In Saudi Arabia

The Kingdom of Saudi Arabia has launched a fund of 750 million riyals ($200 million) for early investment in local and international high-tech companies. This is part of a new strategy for King Abdullah University of Science and Technology (KAUST) launched by Saudi Crown Prince Mohammed bin Salman, according to the Saudi Press Agency.

The new strategy, according to the agency, aims to focus on increasing opportunities to transform research into innovations with economic return, through three main initiatives:

• Launch of the National Transformational Applied Research Institute (NTI)

• Reorganizing research institutes at the university in line with national priorities for research, development and innovation.

• establishing the “Deep Technical Innovation Fund” (DTIF) with an estimated budget of 750 million riyals. This enhances economic diversification and contributes to the generation of qualitative technical jobs.

The Saudi Crown Prince said, according to what was published by the agency, that "the new strategy represents a new era for the university (KAUST) to consolidate its scientific and academic position, which it has reached, to be a beacon of knowledge, and a source of inspiration and innovation, in line with the aspirations of the Kingdom's Vision 2030 for a better future for the Kingdom and the world."

The agency indicated that the new strategy will focus on national priorities for research, development and innovation, which are human health, environmental sustainability, renewable energy, and future economies, in addition to strengthening fruitful international and local partnerships, and partnership with the private sector, in a way that contributes to achieving the goals of “Saudi Vision 2030.”

Investment Fund

On the other hand, the Saudi company ACWA Power, BADIL, wholly owned by the Public Investment Fund, and Aramco Energy, owned by Saudi Aramco, announced the financial closure of the (Shuaiba 1) and (Shuaiba 2) projects for independent solar photovoltaic energy. , with a total capacity of more than 2.6 GW.

Achieving the financial closure of projects represents a new step within the Fund's commitment to developing 70% of the renewable energy generation capacity in the Kingdom by 2030 under the umbrella of the National Renewable Energy Program, which is supervised by the Ministry of Energy.

The total financing included the (Shuaiba 1) and (Shuaiba 2) projects, with a long-term financing of 6.1 billion Saudi riyals (1.6 billion US dollars).

The Saudi Company for Energy Purchase (the main buyer) is responsible for offering projects and purchasing energy, while the (Shuaiba 1) and (Shuaiba 2) projects are owned by the Water and Electricity Holding Company (Badel) (34.99%), and the Saudi Aramco Energy Company, with ownership of 30%. %, and ACWA Power Company with ownership of 35.01%.