King Abdullah University of Science and Technology, KAUST has announced Saudi Arabia’s first university engagement program. This program is specifically to improve and develop small and medium-sized enterprises, SMEs in the Kingdom. It is designed to provide access to KAUST ecosystem. KAUST SMEs innovation services help SMEs to make their customer base strong and increase customers. It also helps SMEs to reach new markets while making Kingdom’s economic landscape strong and stable.
SMES Contribution to Kingdom’s GDP in 2018
According to a recent report by SMEs general Authority, SMEs has contributed only 28.7 percent to the GDP in kingdom in 2018. SMEs play a major role in the Vision 2030 with great set of opportunity for growth. KAUST is focusing on primary objective which is to increase SMEs contribution to GDP, to 35 percent by the year 2030.
Kevin Cullen, vice president of innovation and economic development of KAUST said that SMES are the engine of the economy. It creates crucial jobs and income. He also added that as a university driven by economic development mission, they have identified SMEs growth as key focus. He also said that they are keen to welcome SMEs into their world class innovation ecosystem.
This program follows a comprehensive survey of 500 SMEs throughout the Kingdom. This conducted in partnership with Monshaat, Jeddah, Riyadh and Damman Chambers of commerce, MISA, the Royal Commission of Jubail and Yanbu, and the council of Saudi Chambers. This survey is the first to collect specific data od SME-university.
AbdulMajeed Al-Omran, director of the innovation department at Monshaat said “Innovation is growing rapidly and sustainably through an ecosystem.”
He also said that This is reflected in the distinguished report. There is a desire for SMEs to adopt innovation in their products to enhance business growth and desire to cooperate with a pioneering university such a KAUST.”
Mohammed YousufNaghi said that Jeddah chamber’s keenness to support SMEs with Kingdom’s vision 2030. He also said that it circulated an opinion poll aimed to measure the extent to which SMEs need scientific research and innovation with aim of developing programs.
