The King Abdul Aziz City for Science and Technology (KACST) signed yesterday an agreement with the Saudi Company for Development and Investment (Taqniah).
The agreement is aimed to invest in research and applied economic programs of KACST to be marketed on a commercial basis.
The accord was signed by KACST President Mohamed bin Ibrahim Al-Suwail and chief executive officer Fahad bin Ibrahim Al-Hussein.
Under the agreement, KACST will award Taqniah a non-exclusive license for investment and exploitation of products and technical services and registered rights relating to intellectual property.
KACST will provide Taqniah information and studies related to all its products and services as well as technical support to the company, Al-Suwail said.
Al-Suwail said KACST will allow Taqniah to use the facilities and to take advantage of research and technical expertise with respect to products, services and registered rights. Al-Hussein said that the company will specify the outputs research technical products and services and registered rights owned by the city.
He stressed that the company will supply the city annually a detailed report on the results of marketing and investment of those products.
KACST signs partnership deal with Taqniah
