SABIC signs deal with DTVC to set up technology and innovation hub

Khaled S. Al-Sultan, chairman of DTVC board, and KFUPM Rector and Yousef A. Al-Benyan, vice chairman and CEO of SABIC, sign an agreement for establishing SABIC’s Technology and Innovation Center in Dhahran Techno Valley. Also seen are Halim Hamid Redhwi, vice president and CEO (A) of DTVC with Awadh Al-Maker, executive vice president, technology and innovation of SABIC.

Saudi Arabia Basic Industries Corporation (SABIC) signed an agreement with Dhahran Techno Valley Company (DTVC) to establish its largest Technology and Innovation Center in Phase 2 of Dhahran Techno Valley (DTV) Science Park.
The signing ceremony was held in Riyadh on May 26.
The agreement was signed by Khaled S. Al-Sultan, chairman of DTVC board and King Fahd University of Petroleum and Minerals (KFUPM) rector, while SABIC was represented by Yousef A. Al-Benyan, vice chairman and CEO in the presence of many officials from both sides.
SABIC will establish a state-of-the-art technology and innovation center in DTV with high-tech laboratory facilities for the development and application of new technologies of interest to SABIC and also to serve its customers in the region. The center will support SABIC’s chemicals, polymers and metals SBU activities.
Al-Sultan expressed his delight on this landmark occasion and attributed it to a direct result of longstanding collaboration between KFUPM and SABIC.
He highlighted this alignment with SABIC 2025 strategy that depends largely on performance and productivity in the fields of research and innovation.
He pointed out that KFUPM, a major institution for research and innovation, can become one of the key partners for SABIC in its growth plan.
Al-Sultan added: “We are looking forward for SABIC to continue its excellent collaboration with KFUPM researchers, staff and students in several new research initiatives of mutual interest.”
Halim Hamid Redhwi, vice president and CEO (A) of DTVC said: “In terms of size, SABIC’s center in DTV will be the largest among its 19 global and national technology and innovation facilities and will also be the largest technology center in DTV Science Park, thus far.”

He added: “SABIC will utilize this facility to bring new technologies, solutions and knowledge to invest in Saudi Arabia for the benefit of its people’s current and future needs.”
SABIC had signed a memorandum of understanding (MoU) at the beginning of this year with KFUPM and DTVC undertaking a joint endeavor for enhanced partnership and cooperation. Redhwi said: “One aspect of that MoU successfully culminated in today’s momentous event.”