Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD).
The university’s campus is now the future home of the new Dow Middle East Research and Development (R&D) Center. The agreement “underscores our mutual objectives to deliver science-based solutions for some of the world’s biggest challenges, especially those related to water, energy, and infrastructure, ”said Markus Wildi, president of Dow India, Middle East, Africa and Turkey.
KAUST in Saudi Arabia.
KAUST, with a deep endowment and brand new main campus in Thuwal, Saudi Arabia, was founded in 2009 and is headed by Jean-Lou Chameau, who pointed to the history between Dow and KAUST as evidence that the new partnership is but the latest chapter for the two institutions.
“Dow has been a part of KAUST’s journey from the very beginning…The Dow Middle East R&D Center at KAUST represents the continuing commitment on Dow’s part to the vision of KAUST to serve as a catalyst in transforming Saudi Arabia into a knowledge economy. This is the latest in a series of collaborative initiatives to invest in local talent and develop solutions for regional and global impact.”
Scientists at KAUST.
Also this week, KAUST announced a venture capital partnership with the Islamic Corporation for the Development of the Private Sector (ICD), which is the private sector arm of the Islamic Development Bank Group (IDB).
The announcement did not say how large the investment fund size would be, only that it would seek to “combine ICD’s deep regional financial industry knowledge with KAUST’s expertise in new technologies” with a goal of helping “grow Saudi Arabia’s homegrown tech industry while bringing new opportunities to the nation’s burgeoning financial sector.”
“Launching this venture fund exemplifies KAUST’s long-term investment in supporting technology startups within the nation,” said President Chameau. “The fund will enhance KAUST’s role as a catalyst for innovation in research and technology development and support its vision to be a destination for the world’s most talented people.
KAUST is developing an international reputation in the scientific and engineering community. It is now home to the world’s 7th fastest supercomputer, and partnerships with international universities, including some in the United States, are growing. The university’s twitter handle (@KAUST) is home to the near-daily research development announcements and other informational updates from Saudi Arabia’s university to watch.
KAUST and ICD support the Saudi Arabian venture capital industry https://t.co/yH3RSODpGO #entrepreneurship pic.twitter.com/j0lJt3HGlE
— KAUST (@KAUST_News) November 9, 2015
