In his speech at King Abdulaziz City for Science and Technology, Al-Suwaiyel said under the auspices of Custodian of the Two Holy Mosques King Abdullah annual prizes will be awarded to 10 winners including expatriates in the areas of science, technology and other intellectual contributions.

The winners will be awarded the King Abdulaziz medal based on the trustees’ recommendations to the king, adding the prize will include a total of SR1 million in cash, with each winner receiving a maximum SR100,000.

He said the prize aims to honor inventors and innovators for 2012 in accordance with the specific terms and conditions in the following categories: the advancement of peace, young entrepreneur award, philanthropy and charitable services, and environmental development and sustainability.

It also includes awards for Arab woman of the year, scientific and technological achievement, exceptional international contribution to Arab society, cultural excellence, innovation in education and outstanding corporate leadership.

Al-Suwaiyel marked the occasion with the launch of an official portal for the prize on the Internet at KACST attended by Saudi officials and media.

The evaluation of entries by the selection committee is expected to start on May 22 and the result to be announced on Sept. 30.

Prospective candidates must fully meet the stipulated criteria before submitting their applications. If a candidate fails to meet any of the mandatory conditions for eligibility, the application will be disqualified.

Nominees must be of Arab ancestry except for certain awards such as The Takreem Award for Exceptional International Contribution to Arab Society.