SABIC launches innovation hub

INNOVATIVE: Prince Saud bin Abdullah bin Thenayan Al-Saud, SABIC’s chairman, right, presents a memento to Riyadh Gov. Prince Faisal bin Bandar at the inauguration of SABIC’s Home of Innovation facility in Riyadh on Wednesday.
Updated 28 May 2016

SABIC launches innovation hub

RIYADH: Saudi Basic Industries Corporation (SABIC) has launched an innovation hub that would develop downstream businesses in the petrochemical industry and help build new energy-saving
smart homes.

Prince Saud bin Abdullah bin Thenayan Al-Saud, SABIC’s chairman, said Wednesday at the launch that the Home of Innovation will be a regional hub for developing and showcasing innovative economic solutions.
Riyadh Gov. Prince Faisal bin Bandar opened the evening event in the presence of Yousef Al-Benyan, SABIC’s vice chairman and chief executive officer, senior government officials, business leaders, company executives, and media representatives.
The SABIC Home of Innovation is an initiative “to promote economic growth and technical innovation in Saudi Arabia. It is designed to foster collaboration with other leading companies and target opportunities that address regional and local challenges,” the company said.
“The initiative supports both SABIC’s 2025 strategy and Saudi Arabia’s 2030 Vision by generating business to promote local downstream industry growth toward a diverse and sustainable economy,” it said on its website.
The Home of Innovation is built on an area of 3,400 square meters in Riyadh’s Techno Valley. It comprises three buildings designed to support the initiative’s goals, including the Collaboration Center, the Technology Showcase, and the Demonstration House, in addition to meeting halls and administration offices.
“The Kingdom is moving ahead with its development journey, aiming to diversify its resources, and leverage its capabilities. SABIC will move at a steady pace toward achieving its 2025 strategy,” the prince said.
“SABIC continues to build talent that is capable of dealing with all business challenges, through furthering the role of the SABIC Academy. We believe the creativity, flexibility and talent of our human resources will allow us to continue discovering new opportunities,” he said.
Outlining the unique features of the Demonstration House found within the Home of Innovation, Al-Benyan said he was hopeful that the construction industry would adopt the high-performance principles and practices from the Demonstration House to develop more sustainable home building in the Kingdom.
“It is our hope that it will inspire and lead the construction industry to incorporate its innovative yet proven technologies, materials, products and systems toward improving building performance.
“It is a place where partners, thought leaders, end-users, specifiers, converters, investors and government officials can come together to experience the high-performance Demonstration Home and do business.”
At a press conference before the inaugural ceremony, Awadh Al-Maker, SABIC’s executive vice president, technology and innovation, said: “The Home of Innovation will foster collaboration among industry-leading companies, the government agencies in the Kingdom, academia, investors, and others interested in the sustainable economic future of the Kingdom and Middle East.”

Misk Initiatives Center signs 12 deals to develop youth talent

Updated 15 November 2019

Misk Initiatives Center signs 12 deals to develop youth talent

  • MoUs with top firms such as Chinese tech giant Huawei, French oil major Total open new opportunities

RIYADH: The Prince Mohammed bin Salman’s Foundation Misk Initiatives Center has signed 12 memorandums of understanding (MoU) on the sidelines of the Misk Global Forum in Riyadh with local and international companies to support and develop youth talent.

Among the companies were the Chinese tech giant Huawei, the French oil firm Total, the Emirati Federal Youth Authority, and the Ministry of Economy and Planning.

The agreements stipulated joint work between the two parties in the fields of talent development in Saudi Arabia and information and communications technology, in accordance with the National Transformation Program 2020 and the Kingdom’s Vision 2030. 

This initiative aims to find ways of cooperation and employment opportunities between the two parties.

The MoU signed between the center and the Emirati Federal Youth Authority provides for the enhancement of joint cooperation in support of youth. 

The two parties will seek to discuss future cooperation, to build a strategic partnership between the two parties in exploring potential cooperative opportunities and setting a framework for such cooperation, in addition to organizing the exchange of technologies and innovations through the joint organization of courses, forums and workshops.

The MoU aims at creating a specialized scientific dialogue between the two parties, conducting joint research at the institutes in the field of entrepreneurship and the skills of the future, considering launching joint initiatives, and examining the possibilities of cooperative programs based on the extensive experience of Misk and the Federal Youth Authority.

Misk’s Initiatives Center agreement with Total will promote joint cooperation, find training opportunities for Saudi talent at the company’s headquarters and facilities, and cooperate on educational programs that support entrepreneurship and an ecosystem for startup companies, especially in the fields of energy and technology.

The Misk Global Forum also witnessed the signing of a MoU with “Hub71” to promote learning and leadership among Saudi youth, and enhance opportunities for joint collaboration, in addition to two MoUs with 500 startups and seed stars “to promote joint cooperation between the two parties, to develop and grow the business of startups and provide them with the necessary

Misk also signed a MoU with the Public Institution for Education and Global Leadership to promote joint cooperation and achieve the objectives of both sides, to support innovation initiatives that instill the entrepreneurial mindset of young people, as well as the establishment and organization of entrepreneurship approaches. 

Both parties agreed to focus on exploring potential collaborative opportunities related to the Entrepreneurship World Cup, and establish a competition with competitors coming from 170 countries.

Both parties also agreed to support international competitions aimed at identifying the best solutions in various fields and sectors, as well as exchanging programs on entrepreneurship and innovation.

The center has signed a MoU with the Saudi Industrial Development Fund to discuss the possibility of providing training programs and courses for the center’s employees of the Fund and the relevant authorities. In addition to discussing available opportunities for cooperative training within the Fund, and providing opportunities for participation and contribution of the Fund’s staff in Misk’s programs.

The MoU aims to explore the benefits of existing agreements between the two parties with international financial and educational institutions, in order to find opportunities that provide programs, training and educational courses, and granting cooperative trainings for Saudi youth in those global institutions.

The center also signed a MoU with the Islamic Educational, Scientific and Cultural Organization (ISESCO), aiming to enhance joint cooperation on educational technology and its integration into the educational systems in the Islamic world.

An MoU with King Abdullah University of Science and Technology (KAUST) will enhance the cooperation between the two parties in several initiatives, including academic development, training, entrepreneurship and innovation programs.

An MoU with Endeavor Saudi Arabia will support the Kingdom’s youth, enhance their talents and potential, stimulate economic growth, and find ways of cooperation between the two parties that serve their common interests.

The center’s MoU with the Ministry of Economy and Planning aims to spread awareness, provide new information on the education and training of human resources in the administrative and economic fields, youth empowerment, and coordinate efforts to raise their abilities.

The MoU aims to create cooperative training opportunities in local and international institutions with the purpose of workforce growth in the Kingdom’s economic sector, contributing to the development of national competencies in the economy, policies and procedures, strategic planning, in addition to providing job opportunities for graduates from areas that serve the interests of both parties and support the achievement of the Kingdom’s Vision 2030.