The Saudi Company for Technological Development and Investment (Taqnia) has taken steps to set up a firm to bring technology and other innovation-centered businesses to the kingdom.

A knowledge economy has been a major initiative of Saudi Arabia for over the past decade and the firm will boost efforts in that direction, it said.

The kingdom has pushed to diversify its economy and realise the full potential of its large, mostly young workforce.

With investment in education, infrastructure changes, and technology, Saudi Arabia has moved away from a dependence on natural resources as a prime focus of its economy and is seeking to become a worldwide competitor in high-value technological and innovative products and services, it said.

“Taqnia will fill a gap that currently exists within Saudi Arabia. By establishing Taqnia, the Saudi Government hopes to build a number of companies based on solid industrial bases, and move towards a knowledge economy with real Saudi-based technologies,” said Taqnia chairman Prince Dr Turki bin Saud Al Saud.

“We have studied a number of strategies that benefit from the best practices of other countries in this field. We look forward to creating large and effective economic entities that will participate in increasing and diversifying the national income.”

“KACST and other research centers have a lot of R&D services and products ready to go to market. That is where Taqnia will come in. We will make use of the output of those research and related programs, as well as transfer technology to the Kingdom through international partnerships,” he added.

The Taqnia board said that the new company will take part in creating many good job opportunities during the coming years, an integral part of knowledge-based Saudi societal and economic growth. – TradeArabia News Service