JEDDAH: A number of economists and businessmen have praised the Cabinet decision to set up the Saudi Development and Technical Investment Company, saying this will help to meet the country's economic needs. The company was announced by King Abdullah, Custodian of the Two Holy Mosques, Monday. It will be expected to find applications for research from the Kingdom and abroad. A Royal Decree has been drawn up for the establishment of the company, which will use research and applied programs from King Abdulaziz City for Science & Technology (KACST) and other universities and research centers. Dr. Abdullah Sadiq Dahlan, a member of the Jeddah Chamber of Commerce and Industry (JCCI), said: “The company has been created to give the country a boost in the application of research and technical programs from inside and outside the Kingdom. This is conclusive evidence of the attention government is giving to technology because this constitutes the cornerstone of economic, developmental and industrial projects.” He said the world's nations are competing to transfer and localize technology, taking into account the rapid pace of development in the world. It also reflects the leadership's determination that the Kingdom does not lag behind the advanced world. He said the advanced world is investing in knowledge-based economy. This newly-created company focuses on developing industries that can create products for local and international markets. Ulfat Qabani, Deputy Chairperson of the Industrial Committee at the JCCI, said the company will contribute to the growth of the national economy. She said countries around the world are investing in technology industries. She also commended the King's decision to create jobs for Saudi women in the pharmaceutical industry and said this would provide at least 1,793 jobs.
