New research fund set up for universities in Kingdom

New research fund set up for universities in Kingdom
Updated 15 October 2013

New research fund set up for universities in Kingdom

New research fund set up for universities in Kingdom

Global security and aerospace leader Lockheed Martin has launched a new strategic relationship with King Abdulaziz City for Science and Technology (KACST).
The relationship, which builds on already existing links between the two organizations, commits Lockheed Martin and KACST to jointly allocate research investment funding for Saudi universities, over a three-year period.
Universities in the Kingdom can apply for grants to support involvement in research projects which are linked to the future defense and national security of Saudi Arabia, according to a statement received here.
Turki S. Al-Saud, vice president for KACST Research Institutes and John Evans, vice president, international engineering and technology in Riyadh, signed an agreement to launch the new investment fund.
This development underlines Lockheed Martin’s commitment to helping the Kingdom create a more diversified economy through the development of professional capabilities, relevant to current and future market needs.
In addition to the new strategic partnership with KACST, the company is already partnering with the King Abdullah University of Science and Technology (KAUST) in Thuwal, Jeddah and Al-Faisal University in Riyadh.
Separately, Lockheed Martin has as a business partnership with Saudi Arabian Airlines, to jointly pursue new business opportunities in the Kingdom.
“We are proud to partner with KSA technical community, and to work with them to build solutions critical to Saudi defense and security,” said Dr. Evans.
“Through direct, hands-on involvement of Saudi engineers and technologists in research and engineering programs, benefits will be delivered to the Kingdom’s national security, science, engineering and technology sectors.”
“Through this new research program, we look forward to developing and maintaining close relations with a number of Saudi Universities to help create a more diversified knowledge-based and technology-focused economy in the Kingdom through education, knowledge transfer and engagement.”
Saudi Arabia is a key strategic market for the Corporation which has been a trusted partner to the Saudi armed forces for half a century.
From its headquarters in Riyadh, Lockheed Martin Saudi Arabia, the Saudi presence of Lockheed Martin Corporation, is working to develop business ventures, strategic initiatives and partnerships which complement the innovation and the energy of the Saudi people to achieve Vision 2020.
“We have decades of relevant experience to share which can help solve the challenges of tomorrow through game-changing innovation and the development of energy and climate, health care, advanced materials, and nanotechnology solutions,” states Alan Chinoda, CEO, Lockheed Martin Saudi Arabia.
Lockheed Martin is a global security and aerospace company that employs about 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services.
The corporation’s net sales for 2012 were $47.2 billion, according to the company statement.