Sabic inks strategic deals with KAUST
Riyadh, February 27, 2011
Saudi Basic Industries Corporation (Sabic) said it has signed four major agreements with King Abdullah University of Science and Technology (KAUST) aimed at enhancing its technological capabilities and competitiveness.
KAUST is an international, graduate research university committed to advancing science and technology through transdisciplinary research, education and innovation.
These strategic deals cover development and localisation of technology in the Kingdom, said a statement from Sabic.
They also advance the technology and innovation strategy pursued by Sabic as well as enhance the comprehensive co-operation program sponsored by KAUST.
Dr Abdulrahman S. Al-Ubaid, Sabic executive vice president, Technology & Innovation, signed the agreements with Prof Stefan Catsicas, KAUST provost and Dr Mohamed Samaha, KAUST senior vice president for Economic and Technology Development, at a key ceremony held at the University campus in Thuwal on Saturday.
Mohamed Al-Mady, Sabic vice chairman and CEO, attended the event along with top officials of Sabic and KAUST.
"Investment in research and development is essential to keep the petrochemical industry innovative and competitive," said Al-Mady after the signing ceremony.
Sabic, he pointed out, was one of the most important drivers of economic development in Saudi and, as one of the world’s largest petrochemical companies, it has sought throughout its distinctive history to build a robust research and technology system.
"For this reason, Sabic quickly joined KAUST’s economic co-operation program, which encourages research collaboration, provides training for its members and sets the stage for effective economic cooperation both at home and abroad," Al Mady added.
According to him, the initiative will harness a range of key partners that have the productive and creative capacities to establish the Kingdom as a world class center for science and technology.
Alongside a significant upgrade in our domestic research capacity, we hope to champion a scientific and technological culture throughout the Kingdom that delivers a range of job opportunities for generations to come, the official said.
KAUST president Choon Fong Shih said these agreements will help both organizations fulfill their missions of harnessing science and technology for the benefit to the people of Saudi Arabia and beyond.
"Sabic’s support of KAUST research, education and innovation will be important for our efforts to address significant challenges in water, food, energy and the environment," he remarked.
About the agreements, Dr Al-Ubaid said the first deal was for the construction of a Sabic Research and Innovation Center at KAUST, at a cost of $150 million, as the first stage.
The second concerns the financing of a Polymer Catalysis Research chair for five years to be disbursed at the rate of $1 million per year, with a cumulative total of $5 million.
The third agreement is for supporting postdoctoral fellowships, through which Sabic will support the work of 10 to 15 researchers in research areas related to its business.
The fourth agreement organizes the joint research work between the two sides on all matters related to the management of research projects and associated intellectual property rights.-TradeArabia News Service