Saudi Arabia to launch a new strategy for research and development soon

Saudi Arabia is all set to launch a new strategy for research and development as the Kingdom steadily progresses in its journey to diversify an economy dependent on oil for several decades, according to Khalid Al-Falih, the Saudi minister of investment.

While talking at the Ministry of Education’s Sustainable Partnerships Conference in Riyadh, Al-Falih said that development blended with innovation is the economic key to any country, Al Ekhbariya news channel reported.

Al-Falih further noted that universities in the Kingdom have a crucial responsibility to gain the confidence of the government, as R&D expenditure allocated to each institution will be proportional to their individual capacity.

During his speech, Saudi Arabia’s minister of industry and mineral resources, Bandar Al-Khorayef, announced that a budget for research and development will be allocated soon. Al-Khorayef pointed out that the innovation strategy will enhance Saudi Arabia’s exports, and will contribute to national gross domestic production. Earlier in June, Crown Prince Mohammed bin Salman announced a program for the research, development and innovation sector to enhance the Kingdom’s competitiveness. According to a report published by the Saudi Press Agency, this 20-year-long aspiration program includes developments in the fields of health, environmental sustainability, leadership in energy and industry, and future economies. Through this R&D program, which is expected to add nearly SR60 billion ($16 billion) to the

Bandar Al-Khorayef pointed out that the innovation strategy will enhance Saudi Arabia’s exports, and will contribute to national gross domestic production.

Kingdom’s GDP by 2040, Saudi Arabia is aiming to become a global leader in innovation.

One of the main priorities for the RDI initiative includes a yearly investment equivalent to 2.5 percent of the country’s GDP in 2040, along with creating thousands of job opportunities in science and technology.