His Excellency, the King Saud University Rector and Engineer Ali Al Zaid

Executive Manager of the Saudi Real Estate Company

Sign an Agreement Memorandum

Through cooperation with Singapore’s international Jurong Group, His Excellency, the King Saud University Rector, Professor Abdullah Ibn Abdurrahman Al Othman signed an agreement memorandum with Engineer Ali Al Zaid, Executive Manager and President of the Administrative Board of the Saudi Real Estate Company to design the main plan for the King Saud Oasis Project, currently known as the Riyadh Valley for Technology.

 Upon this occasion His Excellency, Dr. Al Othman expressed his gratitude for the Saudi Real Estate Company and Singapore’s international Jurong Group and pointed out that the Agreement comes in the context of a genuine desire from the part of the Custodian of the Two Holy Mosques and His Highness, the Crown Prince –May Allah preserve them- to promote higher education and to sustain cooperation among its various institutions.

 Dr. Al Othman added that The Saudi Real Estate Company and King Saud University share the same vision in terms of the goals set forth for this scientific oasis. The company offers specialized services in the development of scientific oases worldwide and undertakes the role of the main promoter of this oasis.

 From his part Engineer Ali Al Zaid expressed his gratification about such a collaborative engagement which would define the general concepts for the prospective partnership between the University and the Company and help realize the Kingdom’s ambitions towards building a globally competitive knowledge-based economy.

 The memorandum includes the following objectives:

1.        As a scientific center The Riyadh Valley for Technology shall play a catalyzing role whereby the knowledge stock accumulated at the university is converted into manufacturing power yielding products with added economic value.  Such an outcome would enhance the partnership between the university and the industrial sector in the fields of research and development and create an opportunity for innovation, creativity and excellence.

       2.      The Riyadh Valley for Technology shall maintain a balanced rapport between the industrial domain on one hand and the research centers and the university on the other.

       3.       The Riyadh Valley for Technology shall have its own budget to ensure for the partners a profit congruous with the anticipated investments.

       4.      The Riyadh Valley for Technology shall represent an opportunity for attracting specialized scientists from all over the world.

       5.      The Riyadh Valley for Technology shall constitute an outstanding addition to the infrastructure of the city and an incentive for interaction between the community and the scientific and research centers.