Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) and Saudi prince Mohammed bin Salman Al Saud have launched a new innovation strategy which includes a $200 million (750 million Saudi) tech innovation fund.

The fund is aimed at delivering unmet investment in local and international firms specialising in “high-tech”, which will “enhance economic diversification” and contribute to the creation of “high quality technical jobs”.

“Since the foundation of KAUST, it has distinguished itself with its research, innovations, and faculty, to become one of the leading research universities in the world,” said Al Saud. “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.”

The other key initiatives of the strategy include the launch of the National Transformation Institute for Applied Research at KAUST, which it said will “accelerate technology development and commercialisation” to support the Kingdom's economic diversification aspirations.

KAUST said research centres at the institution are also set to be restructured in order to align with national priorities for research, development, and innovation.

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