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In the scope of accelerating the adoption of cutting edge-technologies across the innovative industrial projects, King Abdulaziz City for Science and Technology (KACST) and the Obeikan Investment Group (OIG) inked a memorandum of understanding, on the sidelines of the second edition of the International Technical Conference “LEAP23” organized by the Ministry of Communications and Information Technology and was at the forefront of Riyadh’s Exhibitions and Conferences. 

On behalf of KACST, the signing of the MOM was represented by Dr. Khalid Bin Abdelrahman Al-Dukkan, the Supreme Vice President of KACST of the Innovation Sector, meanwhile OIG was represented by Eng. Abdullah Al Obeikan, the CEO of the Group, in the presence also of a number of officials from both parties. 

The core of the strategic partnership between KACST and the Obeikan Group aims to invest in expertise and knowledge assets that contribute to accelerating the adoption of technologies across innovative industrial projects, support the hosting of emerging entrepreneurial companies and the R&D innovation activities of local and international companies and empower them with facilities and catalysts that will equip them to smoothly implement the foster of the emerging technologies that have an impact on the economic development in the Kingdom. 

Within the context of the memorandum of understanding, the two parties will consolidate their efforts in studying the establishment of an industrial technical fund to invest in advancing the innovative capabilities of national institutions and companies in the Kingdom, and also carry out investments in entrepreneurial companies that operates in developing solutions supported by the emerging technologies, in addition to studying investment opportunities in the innovation spheres to enhance the development of the innovative environment in the Kingdom.