KFUPM and SABIC sign an agreement for entrepreneurship in manufacturing and industrial projects

On Thursday, 4^th January 2018, King Fahd University of Petroleum & Minerals (KFUPM) and Saudi Arabian Basic Industries Corporation (SABIC) signed the agreement "KFUPM-SABIC Entrepreneurship Program for Manufacturing and Industrial Projects”.

Three days prior, SABIC launched its National Initiative (NUSANED), reflecting SABIC's efforts to explore opportunities for joint cooperation with educational and academic institutions, with the aim of meeting mutual objectives in developing the capabilities of entrepreneurs to build their pioneering industrial projects. These projects will increase the number of medium and small enterprises and create job opportunities for Saudi youth.

The agreement was signed by HE Dr. Khalid Al Sultan, KFUPM Rector and Dr. Abdulaziz Saleh Aljarbou, COB of Saudi Arabian Basic Industries Corporation (SABIC).

"The agreement is one of the practical manifestations of the strategic partnership between the university and SABIC," Dr. Al Sultan said, noting that the university is interested in developing and activating strong technical partnerships with major companies. He pointed out that the relationship between the university and major companies is a reciprocal relationship in which the university represents a rich supplier of advanced national research experience, and benefits from the companies’ latest technical developments to develop its curricula and courses and to enhance the knowledge of its faculty and researchers.

KFUPM is interested in building a culture of entrepreneurship and preparing a generation of entrepreneurs to promote economic and social development, and creating new economic activities based on R & D and innovative services.

Entrepreneurship, based on the knowledge transfer from educational institutions to the community, industry and business sectors, is one of the axes of education. KFUPM supports its students and provides them with a work environment that starts from the design of entrepreneurship programs to the establishment of partnerships based on technical products. KFUPM has established the Entrepreneurship Institute for all KFUPM students, as well as graduates of other Saudi universities and the scholarship program Pioneers 2030. The institute focuses on key areas such as energy, petrochemicals, water, building technology, consumption technologies and technology-based services such as information technology and community service, he added.

For his part, the COB of Saudi Arabian Basic Industries Corporation (SABIC) pointed out that the company is witnessing global growth in its activities and development. This acceleration needs agreements and partnerships with a distinguished educational and research institution such as King Fahd University of Petroleum and Minerals, which supports the company's activities in the field of business, technology and scientific research.

SABIC's relationship with KFUPM is not new. "I remember that the first 60 engineers who joined SABIC were graduates of KFUPM. I personally oversaw their selection, and now the company has a large number of graduates. This agreement benefits the university and SABIC and we can see its outputs and results. "

The NUSANED program is the first product of SABIC’s Local Content Business Development Unit established in early 2017. It aims to be a key element in enabling the Kingdom’s Vision 2030. The program seeks to provide opportunities for investors, especially young people, who want to develop their business those innovative and pioneering industrial sectors which contribute to raise the level of industrial localization of technologies, thereby creating new jobs and increasing the volume of Saudi exports.

This initiative was launched at a ceremony organized by the company in early 2018, attended by a number of senior government officials and representatives of the private sector and the media. The first nine investment agreements signed by the company with local investors in various fields were announced.

Dr. Wail A. Mousa, Dean of the Entrepreneurship Institute, said “The KFUPM-SABIC initiative is based on SABIC’s recommendation, after extensive study, to support those industrial projects which can be localized in various industrial supply chains. Entrepreneurs of those projects will get technical and research support to establish the factories. On the other hand, KFUPM, represented by the Entrepreneurship Institute, will select the leading teams of the proposed projects from SABIC, prepares and train them to ensure their high efficiency in establishing the proposed entrepreneur factories.