Prince Turki bin Saud, vice president of King Abdulaziz City of Science and Technology, yesterday inaugurated the individual investors network (Sarb) and said it would open up new sources of finance for small and medium technology projects.
“We have introduced this program as part of KACST’s efforts to support and encourage creativity in science and technology in the Kingdom and support Saudi entrepreneurs in this vital field,” Prince Turki said, addressing the opening ceremony.
He commended the efforts of the Badir program for technological incubators and its strategic partners in creating new financial sources for technology projects and introducing effective mechanisms to support Saudi entrepreneurs in the field.
Prince Turki reiterated KACST’s support for Sarb network and other efforts to promote cooperation between public and private sectors in the country to back such projects. “Our vision aims at promoting better investment in Saudi minds and encourage innovative technology projects that are required by the local market,” he pointed out.
Prince Turki later visited the Badir branch in Makkah province and met with a number of entrepreneurs and commended their endeavors to promote technology. He also discussed the branch office’s activities and its future projects with officials.
Abdul Aziz Al-Harqan, CEO of Badir, said the Sarb network would bring about a qualitative development in financing technological projects in the country. “It will play a big role in supporting technology pioneers in the country and boosting the Kingdom’s economy and other countries in the region,” he said.
Al-Harqan said the network would establish strategic partnerships with the Kingdom’s universities and related government departments to promote technology initiatives and projects.
“Sarb will provide a number of distinguished services to technological entrepreneurs, establishing an electronic gateway linking business pioneers with individual investors,” he pointed out.
The new network will help individual investors know technology entrepreneurs and their projects, he added. It will conduct regular training programs for individual investors and business pioneers.
Prince Turki opens program to fund technical projects
