$17 billion spent on private sector innovation in Saudi Arabia

Innovation is defined as a product, production process, or a new or improved method of organizing or marketing. (SPA)
Updated 14 November 2019

$17 billion spent on private sector innovation in Saudi Arabia

  • Innovation is defined as a product, production process, or a new or improved method of organizing or marketing

JEDDAH: Spending on innovation in Saudi Arabia’s private sector totaled more than SR64 billion ($17.5 billion) in 2018, a wide-ranging government survey revealed.
The Institutional Innovation Survey 2018, released by the General Authority for Statistics (GaStat) on Monday, also showed that spending on innovation reached 2.74 percent of the total expenditure in the private sector.
Results of the survey were published through GaStat’s website www.stats.gov.sa.
The survey also provides data on the size of innovation in enterprises and the local market, identifies the extent to which the market embraces new products, and provides data on the extent to which companies adopt new ideas and innovations.
Innovation is defined as a product, production process, or a new or improved method of organizing or marketing.
 


Saudi foreign minister calls for ‘transparent and independent’ Beirut explosion investigation

Updated 09 August 2020

Saudi foreign minister calls for ‘transparent and independent’ Beirut explosion investigation

  • Prince Faisal bin Farhan told an emergency donors conference that Saudi Arabia stands with Lebanon
  • Minister condemns 'destructive hegemony' of Hezbollah, which has history of storing explosive materials among civilians

RIYADH: Saudi Arabia called for a transparent and independent investigation into the Beirut explosion, the Kingdom’s foreign minister said on Sunday.
Prince Faisal bin Farhan told an emergency donors conference that Saudi Arabia stands with Lebanon. He described the explosion that killed more than 150 people as “horrific.”

Prince Faisal said strong state institutions that work for the interests of the Lebanese people are vital to the reform required to guarantee Lebanon's political and economic future.
“The continued destructive hegemony of the terrorist organization Hezbollah worries us all, and we all know this organization’s history of using explosive materials and storing them among civilians in several Arab and European countries and in north and south America.”
“Lebanon is in dire need of comprehensive and urgent political and economic reform to ensure that this terrible disaster will not occur again,” he said.

He added that four planes carrying Saudi aid have arrived in Beirut.
The King Salman Humanitarian Aid and Relief Center (KSRelief) has provided 290 tons of medical equipment, food supplies and housing materials.

The conference was hosted by French President Emmanuel Macron.