The first meeting of (Tequnia) Board of Directors in the Saudi Capital Riyadh
Dr. Turki bin Saud:  Tequnia will contribute to the Kingdom’s Transfer into the Knowledge-Based Economy

6/2/1433

   The first meeting of the Saudi Company for Development and Technology Investment (Tequnia)’s Board of Directors was held at King Abdulaziz City for Science and Technology (KACST)’s headquarters in the Saudi capital Riyadh. This meeting comes as part of the ongoing efforts to complete the process of founding the company and finalizing administrative and financial regulations as required by the capital market and international investment corporate governance.
The meeting was attended by Prince Dr. Turki bin Saud Al-Saud, Tequnia Chairman and KACST representative, Mr. Abdullah Ibrahim Ala’aadi, Vice Chairman of the Board and representative of Public Investment Fund (PIF),  Dr. Mohammed Abdulaziz Ala’awhali,  representative of the Ministry of Higher Education, Dr. Ibrahim Abdulaziz  Alhunaishel,  General Manager of the Credit Bank, and Mr. Khalid Hamad Aljerivani representative of Saudi Aramco, Dr. Fahd Abdulaziz Alsherihi representative of SABIC, Dr. Abdullah Hassan Alabdulkader, representative of the private sector.
Commenting on the occasion, Prince Turki said "This company will bridge the currently existing gap in the array of research and development in the Kingdom. Through Tequnia foundation,  we aspire to establish several companies on an industrial base that transfers the Kingdom to the knowledge based society and economy and develops Saudi technologies as well.“
Tequnia Chairman added: "At the time being, we are engrossed in preparing the strategy of this company whereas, we reviewed a number of distinguished related-strategies to benefit from other countries’ expertise in this field.  We are looking forward to succeed in establishing huge and effective entities that impressively contribute to an effective increase in the gross national income and diversifying income sources."
Prince Turki went on saying: "There are many ready-to-market research and development products at KACST, Saudi universities and other research centers, and this company is targeted to make full use of outputs of such researches and applications and technology transfer into the Kingdom.”
Tequnia Chairman expressed his sincere hope for this company to contribute to providing many distinguished- job opportunities in the coming years.
It is worth mentioning that the Saudi Company for Development and Technology Investment “Tequnia”, established by a royal decree, is a Saudi government company based in Riyadh and owned to PIF. It is expected to open offices in America, Europe, Asia, and aims to invest strategic outputs of economic researches and applications while acting as the technology investment-arm for the Saudi government.