Saudi Arabia launches $200 mln fund to invest in high-tech

Saudi Arabia has launched a $200 million fund to invest early in domestic and international high-tech companies as part of the King Abdullah University of Science and Technology (KAUST), which launched by Crown Prince Mohammed bin Salman.

The initiative aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation, according to Saudi News Agency announced on Sunday.

“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…,” Prince Mohammed said.