Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- TAQNIA to establish venture capital fund  Join our daily free Newsletter

MENAFN - Arab News - 10/10/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) The Saudi Company for Technological Development and Investment (TAQNIA) will set up a venture capital fund, according to a statement made by Dr. Turki bin Saud bin Mohammed Al-Saud, the vice president of the Research Institutes at King Abdulaziz City For Science and Technology (KACST), during his keynote speech at the Saudi International Technology Incubation Conference in Riyadh yesterday.

The event was the fourth annual conference for technology, innovation, entrepreneurship and incubation held under the patronage of the Custodian of the Two Holy Mosques King Abdullah. The theme of the symposium was 'Incubating Technology Innovation and Entrepreneurs' which highlighted that incubation is a major driver of innovation and entrepreneurship.

TAQNIA is a governmental entity owned by the General Investment Fund, the investment arm of the Saudi government. TAQNIA was established by a royal resolution No. (M / 47) dated 20/07/1432 H, based on the Council of Ministers' Resolution No. (217) dated 18/7/1432 H.

According to Dr. Al-Saud, TAQNIA will represent the technological investment arm of the Saudi government and take part in diversifying the national economy under the umbrella of the Kingdom's plan to move to a knowledge economy. He also indicated that the purpose of the company is to commercialize the research and development results carried out in the Kingdom and to help transfer technological innovation to the Kingdom in collaboration with international companies.

Dr. Al-Saud said KACST plans to spread its BADIR program to a national level to benefit a larger clientele of entrepreneurs and attract Saudi entrepreneurs with potential high-growth projects to enhance their businesses
BADIR program for technology incubators opens the door for business development support to people who have a feasible technology idea that can be commercialized into a business opportunity, Dr. Al-Saud said, adding that the KACST created the BADIR Program to meet some of the objectives of the National Technology and Science Plan.

BADIR actively advances, promotes and supports the entrepreneurial process for technology innovation throughout the Kingdom, through its comprehensive national programs and strategic policy initiatives.

Elaborating further on the proposed national program of BADIR, it was revealed that more incubators would be created throughout the Kingdom and BADIR would also initiate training programs for Saudi entrepreneurs to develop their business plans. Dr. Al-Saud said that 20 local entrepreneurs have earned a record income from their enterprises through the BADIR program during the last six months.

In his introductory remarks, Dr. Abdulaziz Al-Hargan Director of KACST-BADIR Program, explained that technology innovation and entrepreneurship are at the heart of all leading economies. " The Kingdom is investing heavily in these two fields as it recognizes their importance in sustaining the economic growth and prosperity of the country," he added.

The two-day event organized by KACST-BADIR aimed at providing stakeholders and practitioners in the incubation industry with a forum to meet with international and local experts to discuss the latest developments in technology entrepreneurship, innovation and financial support, as well as the role that incubators should play.

Al-Hargan also said the conference provides the opportunity for government, financial institutions, universities, research institutions, the private sector and the Chamber of Commerce to network, whilst questioning and discussing with international and local experts on the successes in technology business growth and means of supporting the industry.

The conference, he said, would help develop knowledge and understanding between incubation practitioners and stakeholders, while providing networking opportunities that support the development of the Saudi incubator industry, and its role in the creation of a knowledge-based economy and a diversified technology industry base.

King Abdulaziz City for Science and Technology (KACST) is an independent scientific organization that encompasses both the Saudi Arabian National Science Agency and its National Laboratories.

KACST plays a pivotal role in the development of the National Science, Technology and Innovation Policy and leads 62 government agencies and over 190 national programs and related projects for the development of the Kingdom's strategic technologies. KACST also funds more than 400 independent research projects annually and acts as the Kingdom's patent office. KACST currently has over 2500 researchers and professionals on its staff.


  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Dubai SME ties up with Taylor Wessing to raise awareness on Intellectual Property and fund-raising among SME100 firms ,MENAFN Press
(MENAFN Press) Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014Redefining large AOC launches 28€³ MVA monitors ,MENAFN Press
(MENAFN Press) Display specialist AOC launches its first two 28" (71.1 cm) monitors. The m2870Vhe and m2870Vq feature extra-large 16:9 MVA panels with Full HD resolution, wide viewing angles and high ...

Apr 24 2014Finance House Q1 Net Soars 38% to AED 35.51 Million ,MENAFN Press
(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher ...

Apr 24 2014Mazola launches Sunflower Oil in new 1.8 litre label and packaging ,MENAFN Press
(MENAFN Press) Mazola, one of the leading names in the regional food industry, today announced the launch of its 1.8 litre Sunflower Oil in a brand new pack and label design. The new look perfectly ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help