King Abdul Aziz City for Science and Technology (KACST) recently signed an agreement with the Investor for Securities Company to establish the first fund of its kind to finance small- and medium-sized technical projects in the Kingdom. KACST President Dr. Muhammad Bin Ibrahim Al-Suwail praised the move, which he said strikes a balanced partnership between the public and private sectors. “The agreement shows the keenness of KACST to cooperate with the private sector to invest in the Saudi youth and give them a chance to conduct research that is required by local and global communities,” he said. Prince Dr. Turki Bin Saud Bin Mohammad, KACST's vice president for Research Institutes, and Abdullah Bin Muhammad Al-Fawzan, chairman of IFSC's Board of Directors, signed the agreement. It is an important step in supporting KACST's efforts to sponsor talented people, said Prince Dr. Turki. “This will provide Saudi youths with facilities to transform their technical initiatives into successful investment projects that bring benefits to them, help them diversify their incomes and enhance the overall development of the national economy,” he said. The program reflects KACST's vision to develop technology and the economy in the Kingdom because the fund plays an important role in helping people overcome financial obstacles they face in the beginning stages of their projects, Prince Dr. Turki added. “The agreement will create more job opportunities for the Saudi youths and help them lay a strong technical and scientific foundation in the Kingdom, which will contribute to developing the economy,” he said. “No doubt the agreement will play a crucial role in developing the technology sector in the Kingdom,” Al-Fawzan said. “I hope it achieves all its goals.”
