King Abdullah University of Science and Technology will receive $100 million in funding for research and development over the next ten years, according to a commitment made by the massive Saudi energy company Aramco.
According to a press statement from the corporation, the partnership intends to boost innovation in Saudi Arabia and create economically feasible solutions that assist the world’s energy transition and sustainability objectives.
Aramco and KAUST will collaborate on a variety of initiatives including fundamental research and applied technologies as a result of the arrangement, which was formalized through a memorandum of understanding.
The projects will concentrate on upstream technologies, digital solutions, materials science, energy transition, and sustainability.
In keeping with its Vision 2030 plan to diversify the economy and lessen dependency on oil, Saudi Arabia is stepping up its attempts to establish itself as a global leader in energy innovation and sustainability at this time.
The nation is investing a lot of money in R&D to create technology that will help with the energy transition and solve important environmental issues as part of this larger endeavor.
“With a strong focus on R&D and technology development, this collaboration will further deepen Aramco’s relationship with KAUST and reflect our firm belief in the importance of innovation across industries and applications,” stated Amin Nasser, President and CEO of Aramco.
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