Saudi Arabia’s King Abdulaziz City for Science and Technology (KACST), The Research, Development and Innovation Authority (RDIA), and World Economic Forum (WEF), have signed a Letter of Intent (LoI) to establish a new accelerator program to help ignite innovation in kingdom.
Under the LoI, KACST will work alongside WEF to connect experts and knowledge partners from the public and private sectors to identify and unlock new promising markets as part of the ongoing work to transform the Saudi economy.
The LoI was signed during a high-level delegation from Saudi participation in a multilateral meeting with WEF leadership at WEF’s 2023 Annual Meeting.
It was attended by His Highness Prince Faisal Bin Farhan Al Saud, Minister of Foreign Affairs, Her Royal Highness Princess Reema bint Bandar Al Saud, Ambassador to the United States of America, His Excellency Abdullah bin Amer Alswaha, Minister of Communications and Information Technology, His Excellency Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, and His Excellency Faisal Fadhil Alibrahim, Minister of Economy and Planning, met with Mr. Klaus Schwab, Founder and Executive Chairman of WEF and Mr. Borge Brende, President of WEF, to explore areas of mutual interest.
During the meeting, the delegates highlighted the Kingdom’s role as a Pioneering Partner in the Forum’s Global Collaboration Village, which will leverage the metaverse to serve the global community.
Saudi Arabia intends to build a house in the village, opening a door to opportunities, investment, and collaboration between various national stakeholders and international entities. It will be used as a tool for attending events, interacting with people, sharing knowledge and making announcements.
It was highlighted in the meeting that Saudi Aramco, as one of Saudi leading private sector entities, is the first company to build a house in the Global Collaboration Village.
The meeting also covered investment in green technologies, as well as female and youth empowerment as a vital enabler in effective climate action. The meeting provided updates on the progress of projects launched at WEF’s 2022 Annual Meeting.
In addition, delegates addressed the future of the mining industry in Saudi Arabia and its untapped opportunities, especially considering the increasing demand for minerals and the importance of leveraging the Fourth Industrial Revolution and green technologies.