Firms invest SR1.5 billion in Dhahran Techno-Valley

DHAHRAN

Local and international companies have invested about SR1.5 billion in the Science Oasis of Dhahran Techno-Valley (DTV), fully owned by King Fahd University of Petroleum and Minerals (KFUPM), says Eyad Al-Zaharnah, director of KFUPM’s Innovation Center.
"The number of DTV's Saudi graduates has reached 400 male and female students so far, who are now working in advanced technology development projects," Al-Zaharnah said in his lecture at Saudi Council of Engineers in Al-Ahsa.
The research and development (R&D) centers in the DTV have recorded nearly 90 new technical products and 60 new intellectual properties, Al-Zaharnah said, adding that the valley’s second phase was highlighted by Saudi Basic Industries Corporation’s (SABIC) cooperation.
The phase includes R&D centers in chemicals and petrochemicals, which will mainly contribute in achieving the Kingdom's Vision 2030, in terms of doubling national income and providing job opportunities.
He stressed that the second phase also includes renewable energy, water and environment, which are important elements for the sustainability of the Saudi economic system, explaining that the DTV provides an attractive environment for innovation and research for local and international companies. It is thus the largest technology business incubator in the region.
Al-Zaharnah confirmed that the DTV is the most developed center for industrial modeling (design, development and production), and it also provides space on technical basis for small and medium enterprises.
The DTV includes various disciplines, such as exploration and extraction of oil and gas, chemicals and petrochemicals, industrial automation and industrial control equipment, power and water generation, environment, along with information and communication technology, the official said.
Al-Zaharnah added that the DTV has been established with the aim of diversifying Saudi income sources, establishing a knowledge-based economy, taking advantage of the global trend of R&D globalization, and meeting the technology transfer requirements from universities.