The Building Technology Stimulus Initiative – one of the private sector initiative, which is being implemented by the Housing Program and the National Industrial Development and Logistics Program, has signed a memorandum of understanding with the Saudi Company for Development and Technical Investment - owned by the Public Investment Fund - to cooperate in the implementation of joint research projects in modern and future construction technology, and contribute to the establishment and operation of a business accelerator for start-ups in the construction techniques sector.
The signing ceremony was attended by HE Mr. Majed bin Abdullah Al-Hogail, Minister of Housing and Head of the Board of Directors of the Saudi Company for Development and Technical Investment, His Royal Highness Prince Turki bin Saud Al-Saud. General Manager of the National Program for Industrial Development and Logistics, Eng. Awaid Bin Khalaf Al Harthy, and the CEO of Saudi Technical Development and Investment Company Ali Bin Abdullah Al Ayed.
The Eng. Mehab bin Mohammed Saleh Benten, General Supervisor of the Building Technology Stimulus Initiative, said that the memorandum aims at creating advanced technological innovations, localization of these technologies and their inclusion in the Saudi market to enable the industry in the construction sector and enhance investment in human capital to be able to implement these outputs. The Saudi Development and Technical Investment Company is considered one of the leading national companies in this field and has a rich record in supporting technical projects. The memorandum focuses on cooperation between the two parties in the operation of innovation centers and joint action to establish and operated a speeding business for emerging companies in construction technology, and the development of human cadres specialized in this vital field.
He pointed out that the memorandum also focuses on the implementation of joint research projects in modern and future construction technology, discussing the possibility of financing the establishment of a factory or a group of factories for building technology, and cooperation in technology and materials experiments to connecting with the construction sector, enhancing cooperation between the two parties in the field of recruitment Saudization to build modern and future building techniques, raising awareness of these technologies, cooperation in holding awareness workshops on the initiative, to achieve goals agreed upon.
Mr. Ali Bin Abdullah Al Ayed, Chief Executive Officer of Saudi Technical Development and Investment Company stressed the importance of signing the memorandum, which represents a qualitative leap forward for the two parties, pointing out that the company has a strong record in supporting and empowering industries, especially emerging companies.
Al Ayed explained that the construction technology sector is a very important sector and needs more incentives and support, in addition to specialized accelerators and incubators for the emerging companies in this sector, which will be worked on through these agreements.