SAUDI ARABIA: KACST, TASNEE reach accord to develop synthetic fiber

The agreement, which does not have a timeframe, is designed to activate the role of industrial sector companies in the localization of technology and to achieve a fruitful partnership with private sector companies.

TAQNIA functions under the aegis of the KACST and is headed by Prince Turki, who is also the vice president of research and development at KACST.

Prince Turki outlined the importance of the steps taken by KACST in enhancing the pivotal role of national companies to make use of research and development outputs for their commercial production.

He pointed out that the whole idea is to comply with the strategic national plan for science, technology and innovation to achieve the goals of TAQNIA and to accelerate the diversification of Saudi economy through the knowledge-based industries. Such moves, the prince said, will create new jobs and set up a creative ecosystem in Saudi Arabia.

Al-Khafrah announced that the agreement was within the framework of activating the partnership between TASNEE and TAQNIA to localize technology. The agreement includes developing technologies in the field of synthetic fibers and bringing it up to the level of commercial production, he added.

TAQNIA is a development and investment company owned by the Saudi Public Investment Fund (PIF). It promotes technology and knowledge transfer in Saudi Arabia through its participation with industry leaders, venture capital, and academic institutions with a view to adding maximum strategic value to the Kingdom while maintaining attractive returns on investment.

TASNEE is the first Saudi industrialization joint stock company wholly owned by the private sector. TASNEE erects, manages, operates and owns petrochemical, chemical, plastic, engineering and metal projects, and provides industrial services and markets its products through five main sectors - petrochemical, chemicals, metals, diversified products and services.

Source: Daily "Arab News", Riyadh; 19 Nov 2013(Syed Rashid Ali, Karachi, Pakistan)