News

Saudi Arabia Launches $200 Million High-Tech Investment Fund

The spending is part of King Abdullah University of Science and Technology’s strategy to promote economic diversification and create new technical jobs.

Published

1 year ago

August 21, 2023

Nour Nasir

saudi arabia launches $200 million high-tech investment fund

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of a $200 million fund to invest in domestic and international tech firms as part of the Kingdom’s economic diversification plan.

The investment fund is part of a strategy devised by the King Abdullah University of Science and Technology (KAUST) and focuses on “increasing the likelihood of turning research into economically beneficial innovations”.

Plans include launching the National Transformation Institute for Applied Research (NTI) to improve technology development and commercialization, restructuring research centers, and creating a new fund to “enhance economic diversification and contribute to the creation of high-quality technical jobs”.

HRH the Crown Prince launches KAUST's new strategy, which aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation.https://t.co/yvZ8UnnFcR #SPAGOV pic.twitter.com/yEqS7Zia05

— SPAENG (@Spa_Eng) August 20, 2023

“The new strategy builds on Kaust’s scientific and academic achievements and represents a new era for the university to become a beacon of knowledge and a source of inspiration and innovation in line with Vision 2030 aspirations,” Prince Mohammed explained in a recent press release.

Technology is an essential pillar of Saudi Arabia’s economy as the country transitions away from oil production. The Kingdom is projected to invest $34.6 billion on information and communications technology by the end of 2023, making it the top-spending nation in the Middle East, Turkey, and Africa.

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In February, Saudi Arabia announced plans to invest $9 billion in its technology sector, which includes a $2.1 billion commitment from Microsoft. In addition, Oracle has announced plans to invest $1.5 billion in Saudi cloud computing, and Huawei has earmarked $400 million to enhance the country’s cloud infrastructure.

Meanwhile, King Abdullah University of Science and Technology will continue collaborating with several international tech companies, including IBM and Boeing, and has partnered with academic and commercial institutes in Shenzhen on aerospace, robotics, and microelectronics projects.

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

22 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

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Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.