The Riyadh Valley Company (RVC) has vowed to continue sponsorship and support innovators and help them safeguard their projects.
That was a key message at the meeting of the RVC’s management board held in late May at the company’s headquarters in its Innovation Tower.
King Saud University Rector Abdullah Al-Othman, chairman of the RVC board, chaired the meeting.
In addition to Rector Al-Othman, board members present included Vice Rector Abdulaziz Al-Ruwais; Ali Al-Ghamdi, vice rector for KSU graduate studies and scientific research, Innovation Center director and assistant vice rector for graduate studies and scientific research for Innovation Dr. Naif Alajlan; Dr. Rasheed Al-Zahrani, RVC’s CEO; Obaidah Jawdat Sharab, RVC board secretary; and engineers Abdullah Ahmad Bagshan and Ahmed Bin Suleiman Al Rajhi.
Professor Al-Othman welcomed the board members and reminded them that King Abdullah claimed the Saudi throne seven years earlier and has successfully overseen its development and achievements that has led to prosperity and development
Dr. Al-Zahrani reviewed the RVC’s most recent achievements, especially its investment in and support of young people’s projects. The board then approved a number of resolutions to bolster the company’s stability and increase its investment opportunities in research, development and innovation. A number of investment opportunities available to the company were highlighted, and new areas of investment considered, acknowledging the importance of the Investment and Finance Committee in implementing investment strategy and RVC policies to control the efficiency of the investment, protect it against downside risk and and diversify investment opportunities.
Mr. Sharab said the Board had made a number of decisions to help the RVC achieve its goals and apply its strategies, including the restructuring of the Investment and Finance Committee to include subcommittees devoted to investment in:
* Information and communication technology
* Engineering and biotechnologies
* Attracting highly talented experts
These subcommittees will be under the umbrella of the main investment and finance committee, which in turn is expected to bolster investment in areas of advanced technologies that return more opportunities and higher profits, as well as help the RVC to cut the risks inherent in those types of investments.
Mr. Sharab added that the Board has recommended the strengthening of RVC’s relations with the business, especially the industrial sector by introducing potential investment opportunities while strengthening these ties to turn concepts of a knowledge-based economy into reality.
The Board also moved to call the general assembly for a regular meeting in the last quarter of this year.
Envisioned to help transform Saudi Arabia's oil-based economy into a revolutionary knowledge-based economy, the Riyadh Valley Company is one of Saudi Arabia's mega initiatives to support the adoption of innovation culture; foster entrepreneurship; leverage the Kingdom's research capabilities; and mobilize, engage and oversee investments in knowledge-based sectors.