RIYADH: Saudi Arabia’s government has inked an agreement with a leading technology firm to boost its energy, mining, industrial and logistics sectors with new investments and support for entrepreneurs.
Representatives of the Kingdom’s National Industrial Development and Logistics Program signed the pact on Wednesday with Newlab, the technology logistics firm, at the International Future Minerals Forum 2024 in Riyadh.
The agreement will see the company, Newlab KSA, establish headquarters in the Kingdom, the Saudi Press Agency reported.
Newlab is currently assisting startups to transition “from concept to impact more rapidly, while also mobilizing industry leaders, governments, and investors to accelerate tangible progress against the most pressing challenges in various fields,” according to SPA.
Newlab has also inked agreements with the Ministry of Industry and Mineral Resources, Ministry of Investment, Saudi Aramco, Saudi Arabian Mining Company, King Abdulaziz City for Science and Technology, Research, Development and Innovation Authority, and the National Technology Development Program.
“These agreements are part of a comprehensive initiative to stimulate an integrated technological innovation ecosystem in Saudi Arabia and the Middle East, accelerating climate-driven economic diversification,” the SPA reported.
“They aim to develop a new regional platform for deep technology projects, integrating innovative capabilities, operational excellence, and infrastructure assets to advance the goals and outcomes of the regional platform.”
