Science, Engineering Exhibition Sheds Light on Saudi Innovations

A training camp for the Saudi National Science and Engineering Team in Riyadh. (Asharq Al-Awsat)
A training camp for the Saudi National Science and Engineering Team in Riyadh. (Asharq Al-Awsat)
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Science, Engineering Exhibition Sheds Light on Saudi Innovations

A training camp for the Saudi National Science and Engineering Team in Riyadh. (Asharq Al-Awsat)
A training camp for the Saudi National Science and Engineering Team in Riyadh. (Asharq Al-Awsat)

The Regeneron International Science and Engineering Fair (ISEF) has showcased the innovative ideas of 30 Saudi students.

ISEF 2021 is being held virtually in the US, with the participation of over 1,800 students from around the world showcasing their projects at the science fair.

King Abdul Aziz and His Companions Foundation for Giftedness and Creativity (Mawhiba) announced its sponsorship of the innovations in the energy field at ISEF 2021.

Saudi Arabia first participated in ISEF in 2007 and has since then won 48 major and 27 special prizes. In 2020, the Kingdom received eight prizes, including five major and three special prizes.

Saudi Minister of Energy Prince Abdulaziz bin Salman is set to meet virtually with a number of students from around the world that are taking part in this year’s edition.

In a statement, Mawhiba announced that it will present major prizes and sponsorships for the top four projects in the field of energy.

The foundation will also offer a number of special awards in the fields of science, technology, engineering, and mathematics (STEM), including 12 grants and 12 cash prizes.

The statement explained that the foundation’s sponsorship of ISEF’s energy field stems from Vision 2030 and its awareness of the important role Saudi Arabia plays as a major source of energy, and its efforts to continue sustainable development by preserving energy sources.

Mawhiba stated that the awards it offers to international talents at the ISEF 2021 exhibition reflect its vision and mission to make innovation a sustainable way to invest in human capabilities.

There is an increasing trend towards the production of more renewable energy, which is expected to account for 40 percent of the planet's energy by 2040, according to Mawhiba.

The Mawhiba Foundation has offered 79 special awards, totaling $269,000, for 97 international students at the ISEF over the past ten years.



Volkswagen to Make Added Investments in US, CFO Says in Davos

A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. (Reuters)
A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. (Reuters)
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Volkswagen to Make Added Investments in US, CFO Says in Davos

A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. (Reuters)
A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. (Reuters)

Volkswagen will need to make additional investments in the United States to hit its target of doubling market share there, its CFO Arno Antlitz said on the sidelines of the World Economic Forum annual meeting in Davos on Thursday.

"We need additional initiatives ... to double market share, you have to be even more local," Antlitz said when asked whether Volkswagen plans to expand its plant in Chattanooga, Tennessee.

"We are strong in Europe, but we need to do more 'value-added' in the US," added Antlitz, listing research and development as a potential area for investment.

"But we have to decide on the project first," he told the Reuters Global Markets Forum, declining to give further details.

Volkswagen has previously said it aimed to hit 10% market share in the US, a goal investors and analysts are sceptical the carmaker can achieve in a crowded market. It currently has around 4% market share, according to Reuters calculations.

The CFO declined to comment on how the carmaker would react if US President Donald Trump follows through on threats to impose tariffs on imports from Europe, Mexico and Canada, saying it was "too early".

Volkswagen's global production chain puts the carmaker directly in the line of fire for Trump's tariffs. Its Audi and Porsche brands have no US manufacturing base, its VW passenger car brand's US sales consist mainly of imports from its Mexican plant, and its battery cell plant under construction in Canada was set to deliver batteries to the United States.

The German carmaker plans to bring in range extenders, small combustion engines which charge an EV battery to extend its range, into more of its models, Antlitz said, in an attempt to appeal to customers who are hesitant to make the switch to EVs.