On Monday 18 February 2019, KFUPM signed a cooperation agreement with Al Saidi Chemical Industries Co. to evaluate one of KFUPM’s newly developed inventions. The aim is to study the possibility of converting this into a commercial product as well as licensing its intellectual property for the University.
The Vice Rector for Applied Studies and Research Dr. Nasser Al-Aqeeli said that many of KFUPM inventions and their outputs have industrial applications that can be implemented and marketed to contribute to the localization of technology in the Kingdom in important areas. This is a key objective of both the National Transformation Program 2020 and Saudi Vision 2030.
Industrial partners play an essential role in verifying the economic impact of technologies arising from KFUPM research. Therefore, KFUPM is always interested in developing and initiating strategic partnerships with local and international companies.
"Every new KFUPM business venture for technology, whether with local or international companies, is another step towards a more diversified Saudi economy. Knowledge is one of its important tributaries” Dr. Nasser Al-Aqeeli added.
The invention, which is currently being patented with the GCC Patent Office, is a new and economical non-damaging fluid system used in the oil sector. It treats the effects of routine drilling operations and increases the productivity of wells. In addition, it has many possible applications related to the oil industry.
Furthermore, KFUPM recently signed five agreements to market a number of its research products and patents with four international and local companies. These agreements are part of the second phase of the University's innovation strategy, which aims to commercialize and market technologies produced by KFUPM in order to transform them into technical products with viable economic outputs.