Saudi Arabia has approved the establishment of a biotechnology center foundation in Riyadh, following a recommendation from the Council of Economic and Development Affairs, chaired by Prince Mohammed bin Salman, Crown Prince and Prime Minister, Asharq Al-Awsat has learned.
According to the decision, the foundation will be subject to the Law of Non-Profit Organizations and Foundations, except in cases where its statutes provide otherwise.
The move aligns with the National Biotechnology Strategy, part of Vision 2030, which aims to position the Kingdom as a leading global hub for biotechnology, achieve high levels of self-sufficiency, and generate positive social and economic impact. The strategy focuses on four priority areas: vaccines, biomanufacturing and localization, genomics, and plant growth enhancement.
According to information obtained by Asharq Al-Awsat, the government decided that the Chairman of the Foundation’s Board of Directors will coordinate with the minister of finance to determine an annual financial grant to be allocated by the state to the center.
The foundation’s budget and related financial costs will fall under the Riyadh City Strategy budget within the Royal Commission for Riyadh City.
The foundation will also provide the National Center for Non-Profit Sector Development with a copy of its annual report, approved by the Royal Commission’s board, so that its performance outcomes can be reflected in national reports on the overall non-profit sector.
Mission and objectives
The foundation aims to advance the biotechnology sector and create an enabling environment for its growth and development in Riyadh, positioning the capital as a regional and global leader in the field in line with international best practices.
Its mission includes developing and managing biotechnology zones and facilities, designing and studying innovative projects, building and operating research and innovation environments, and supporting partnerships with leading international biotechnology centers.
According to the foundation’s bylaws, reviewed by Asharq Al-Awsat, the Board of the Royal Commission for Riyadh City will oversee the foundation by approving its strategic vision and plans, performance standards, and policies related to its activities and strategies. The board will also endorse the foundation’s final accounts, annual reports, audit reviews, and financial statements.
The Royal Commission is further authorized to approve policies governing the acquisition, management, and investment of assets, as well as the terms for borrowing, financing, and guarantees.
It may also approve the establishment or participation of the foundation in non-profit entities, special-purpose organizations, investment funds, and project financing funds, in accordance with applicable laws and regulations.
