MADINAH: Madinah Gov. Prince Faisal bin Salman sponsored a ceremony honoring the winners of the fourth edition of the Taibah Innovates Competition, organized by Taibah University.
The prince announced that the value of the prizes will be doubled from SR300,000 ($79,995) to SR600,000, distributed among five winning start-up projects.
Prince Faisal was briefed on the exhibition accompanying the closing ceremony of the competition, in which the contestants who qualified for the final stage reviewed their pioneering projects and their future aspirations.
He then watched a documentary about the competition’s previous years, entitled “Agate of Knowledge,” showcasing the different innovations and the progress made in helping young people come up with innovative services and products, and turning them into pioneering companies.
During the ceremony, Prince Faisal inaugurated the Ministry of Communications’ new initiative with Taibah Valley which aims to localize technology to achieve sustainable economic development in the Kingdom’s regions, by motivating tech companies to expand their businesses in line with the main pillars of Vision 2030 and the digital economy policy, based on the objectives of the ICT sector strategy 2023.