KACST President Prince Turki bin Saud bin Mohammed Al-Saud, seated third right, at the Fourth Saudi International Conference on Technology Incubators at the KACST headquarters in Riyadh on Wednesday.

King Abdulaziz City For Science and Technology (KACST) launched a fund with a capital of SR450 million to support SMEs (small and medium enterprises) to encourage them to participate in projects related to science and technology, its president, Prince Turki bin Saud bin Mohammed Al-Saud, announced here on Wednesday.

The prince inaugurated the Fourth Saudi International Conference on Technology Incubators at KACST headquarters in Riyadh on Wednesday.

The event, sponsored by KACST, was held under the patronage of the Custodian of the Two Holy Mosques King Salman in the presence of experts and specialists in technology incubators and accelerators.

The president explained that that the city is working in coordination with various agencies to provide organizational and technical infrastructure and resources to support and encourage SMEs to invest in high value-added technical areas to achieve the transition to a knowledge-based economy.

Recently the fund was launched in strategic partnership with the Saudi Company for Technological Development and Investment (TAQNIA), Riyadh Capital, supported by the Public Investment Fund, the Saudi Credit and Savings Bank, Public Pension Agency and the Human Resources Development Fund to contribute to the funding of the projects.

The prince pointed out that the city is working on investment research in the industry through a number of initiatives and strategic alliances.

“It is a program initiated for technology incubators and accelerators to promote the concept of pioneering technical work in the Kingdom and provide support and care for the creators and innovators, and entrepreneurs to help them turn their ideas into IT projects and contribute to the national economy. It will create more job opportunities for youths through the establishment of technology incubators in various regions of the Kingdom.

Prince Turki said the convening of this conference comes in line with the interest of the government of Custodian of the Two Holy Mosques King Salman to develop scientific research and technical development in various fields to transform the Kingdom’s economy to a knowledge-based economy driven by creativity and innovation.

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