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Aramco Plans $100 Million Funding for KAUST to Support Cutting-Edge R&D 

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
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Aramco Plans $100 Million Funding for KAUST to Support Cutting-Edge R&D 

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Aramco announced on Monday that it has signed a memorandum of understanding with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits.

In a statement, Aramco said it plans to fund up to $100 million in research and development projects with KAUST over the next 10 years. The funds from Aramco have been earmarked for a wide range of initiatives, from essential research to applied technologies, as KAUST seeks to push the boundaries of science and innovation.

Aramco President and CEO Amin Nasser said: "This collaboration will further deepen Aramco's relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development, reflecting our firm belief in the importance of innovation across industries and applications."

KAUST President Tony Chan said that the collaboration with Aramco will leverage both entities' expertise to develop innovative solutions for a sustainable future.

Areas of collaboration include the energy transition, sustainability, materials transition, upstream technologies and digital solutions, with an emphasis on developing commercially-viable outcomes.

Topics identified within the energy transition field include liquids-to-chemicals conversion and future refineries research, as well as low-carbon aviation fuels. Sustainability research will include hydrogen, carbon capture and storage, renewables, and energy storage solutions. Additional projects are expected to focus on advanced carbon materials and geothermal energy, among other things.

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Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)
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Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)

Saudi Arabia announced the approval of an updated investment law, which is expected to enter into force in early 2025, with the aim of attracting foreign investors, developing the competitiveness of its investment environment, contributing to supporting economic diversification, and creating job opportunities in line with Vision 2030 and the objectives of the national strategy.
The updated investment system, which was approved by the Council of Ministers, is one of the pillars of the National Investment Strategy, which seeks to diversify the local economy and to attract more than $100 billion in foreign direct investment annually by 2030.
The new system includes many advantages, most notably: enhancing investors’ rights through fair treatment, protecting intellectual property and freedom to manage investments and transfer funds smoothly, promoting transparency and clarity in procedures in line with leading practices, and contributing to creating a reliable investment environment.
Under the new law, foreign investor licenses will also be replaced with a simplified registration process, and new service centers will be introduced to expedite government transactions and investment procedures.
The updated law also seeks to give investors greater protection and confidence, and promote a dynamic and stimulating environment for investment. It also provides fair treatment without discrimination between local and foreign investors, while working to resolve disputes efficiently in cooperation with the Saudi Center for Commercial Arbitration and other parties.
Saudi Investment Minister Khalid Al-Falih said that the law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination.
He added that the policy direction outlined in Vision 2030 allows investors to invest with certainty and to grow with confidence at a time when many other markets are experiencing considerable volatility.
Al-Falih underlined that the updated investment law builds on an extensive diversification agenda from an enhanced quality of life offering to investment specific measures such as the establishment of special economic zones.
For his part, Saudi Finance Minister Mohammed Al-Jadaan wrote on X that the revised law is a significant “update to the investment regulatory framework that contributes to private sector investment growth opportunities and a more competitive economy under the Saudi Vision 2030.”
Minister of Municipalities and Housing Majid Al-Hogail stressed that the updated investment system enhances the creation of a competitive investment environment that consolidates Saudi Arabia’s position as a leading global destination, in fulfillment of the Kingdom’s vision.
In remarks to Asharq Al-Awsat, member of the Energy Economics Association and the Saudi Economic Society, Advisor Dr. Abdullah Al-Jassar, stressed that the updated investment law represents an important step towards achieving the desired economic transformation of Vision 2030.
He expected that this system would contribute to achieving sustainable economic growth, creating job opportunities, diversifying sources of income, and enhancing the Kingdom’s position as an attractive investment destination in the region.