Business & Money | Friday 30 October, 2015 6:12 am |

SABIC and the King Saud University (KSU) have signed a strategic cooperation agreement covering a variety of programs to support to Kingdom’s plans to transform into a knowledge economy as well as to fulfil SABIC’s 2025 growth strategy.

 

The agreement was signed during the “Universities and Private Sector Partnership in Developing Scientific Research” symposium at KSU in Riyadh on October 28. 

 

Awadh Al-Maker, SABIC Executive Vice President, Technology and Innovation, signed the agreement on behalf of SABIC, while Dr. Badran Al-Omar, University Rector, signed on KSU’s behalf. The signing ceremony was attended by Dr. Azzam Al-Dekheel, Minister of Education, and Yousef Al-Benyan, SABIC acting Vice Chairman and CEO.

 

The programs covered under the agreement include: joint research projects by SABIC and the university with the exchange of industrial and academic expertise, training and development of students at SABIC research centers, leveraging the experience of post-doctoral fellowships, use of SABIC and KSU science facilities for mutual benefit, and undergraduate awards for academic achievements. 

 

Commenting on the signing of the agreement, Al-Benyan said: "This agreement supports SABIC’s 2025 strategy, which is aimed at growing the company’s global businesses and addressing future research and development challenges. It effectively contributes to the ongoing efforts to transform the national economy into a knowledge economy capable of better driving the development of the Kingdom.”  

 

He added, “SABIC has opened all avenues for cooperation with local academic institutions and research organizations to support national efforts aimed at becoming a knowledge-based economy. It seeks to support Saudi universities through agreements for the establishment of research canters, sponsoring research chairs and projects, and providing annual grants to enrich research and technical aspects – all with the aim of meeting development targets and stimulating economic activity.”

 

SABIC and KSU will form a six-member steering committee, three members from each side, to supervise all activities related to the latest agreement. It will also submit a report annually to the university and the SABIC leadership on the benefits generated from the joint programs. 

 

Meanwhile, Dr. Azzam Al-Dakhil, Minister of Education, honored SABIC for its sponsorship of the "Universities and Private Sector Partnership in the Developing Scientific Research" symposium. Yousef Al-Benyan, Acting Vice Chairman and CEO, SABIC, received an honorary plaque on behalf of SABIC. 

 

During the first session of the symposium, which focussed on “Partnership and the Knowledge Economy,” Mosaed Al-Ohali, SABIC Executive Vice President, Corporate Finance, touched on the importance of transparency and disclosure to achieve successful partnerships. 

 

Awadh Al-Maker, SABIC Executive Vice President, Technology and Innovation, spoke in the second session on “Successful partnership models for joint scientific research funding.”