The King Abdulaziz City of Science and Technology (KACST) has announced the setup of a new fund, a first of its kind in Saudi Arabia, to finance small and medium technological firms, according to a report by Arab News.
KACST’s Badir Technology Incubator signed a cooperation agreement with The Investor for Securities Co., a boutique investment banking firm, to set up the fund. The agreement was signed by Prince Turki bin Saud, vice president for research institutes, and Abdullah Al-Fowzan, chairman of The Investor for Securities Co..
In a statement on the occasion, Muhammad Al-Suwaiyel, president of KACST, said the agreement would boost the Kingdom’s technological development.