RIYADH, 6 May — A total of SR9.5 million in prizes for Saudi inventions was announced here yesterday as part of a private sector initiative to encourage the inventive genius of Saudis and translate it into commercially viable products.
Of the prize money, the Makkah-based Fakieh Research and Development Center pitched in SR7.5 million while the King Abdul Aziz and His Companions Foundation for the Gifted offered SR2 million.
The announcement was made at the first symposium of Saudi inventors organized by the foundation. The symposium, held at King Abdul Aziz City for Science and Technology, was attended by women, who watched the proceedings on CCTV. Dr. Hamad Al-Baady, the foundation’s secretary-general, later told newsmen that the symposium could become an annual feature.
It was held with the support of Minister of Education Dr. Muhammad Al-Rasheed, who is also the vice chairman of the foundation, and Dr. Hashim Yamani, minister of industry and electricity and head of the science committee at the foundation.
It was also announced that a new ventures capital company would be established and owned by three major Saudi entrepreneurs along with the King Abdul Aziz and His Companions Foundation.
The new venture would invest in and market Saudi inventions. The entrepreneurs are Shaikh Saleh Kamel of Dallah Al-Barakah Group, Ibrahim Affendi of the Affendi Group and Muhammad Abdul Lateef Jameel.
Al-Rasheed conveyed a message from Crown Prince Abdullah, deputy premier and commander of the National Guard, who is the chairman of the foundation, to the conference.
Prince Abdullah hoped that the conference would create a rich environment for inventions and inventors, so that they could find an outlet in the market for the mutual benefit of the inventor and the organizations supporting them. Al-Rasheed spoke about the foundation’s activities and said its goal was to act as a bridge between talented individuals and organizations willing to support them.
The foundation can be effective only if the organizations with human or financial resources can contribute to it. We are an independent private group and can only be good as long as the society that created us contributes to our existence,” he observed.
Dr. Yamani spoke about the nexus between inventors and industry and said there was an organic relationship between the two. He added that a society needs to harness their entrepreneurial efforts for the national industry to flourish.
“In this country there is a place for inventions and innovations,” the industry minister said, adding that the Kingdom could truly prosper by harnessing the fruits of its inventors. Dr. Yamani, who is also the foundation’s board member, reaffirmed his resolve to see that the foundation lived up to its commitment to society by encouraging talented persons.
Dr. Al-Baady said one aim of the conference was to acquaint claimants to inventions with procedures for placing a claim to invention and getting it through. Another objective was to explain the options available to protect their inventions. He stressed the need for a collective mechanism for helping inventors.
