RIYADH, 12 March 2008 — Saudi Arabia has finalized plans to set up a biotechnology incubator to help start-up biotech companies to succeed commercially and technologically. Prince Turki Ibn Saud, vice president of King Abdul Aziz Science & Technology (KACST), announced this yesterday.
Prince Turki was speaking during the concluding session of the “Gulf Venture Capital Association Forum” here yesterday. The forum, as part of its resolution, called on the Gulf governments to set up higher commissions or councils at the highest level to cater to the needs of small businesses and entrepreneurs. The forum said that the Gulf states should be concerned about policy reforms and legal reforms, and they should also provide finances to entrepreneurs to set up small businesses.
The forum’s concluding session was addressed by Dr. Kamal Maamria, managing director of Boston Consulting; Dr Fahad Al-Mushayat, Saudi Telecom Co.’s investment chief; Bill Glynn, managing partner of Collective IQ; Timothy Draper, managing director of Draper Fisher; Dr. Mansour Abahusayn, a former deputy minister of agriculture & water; and Abdul Rahman Tarbzouni, Oracle consultant. Basil Abdulhamayel, head of Saudi Aramco’s corporate finance, was one of the moderators with Prince Turki.
Referring to the need of venture capital in the Saudi environment, Prince Turki said, “KACST will establish soon the biotech incubator in cooperation with King Fahd Medical City, to be followed by a series of incubators to be set up by this premier scientific organization in different disciplines.”
