Jeddah - e-Media

King Abdulaziz City of Science and Technology (KACST) has set up a new fund, the first of its kind in the Kingdom, to finance small and medium technological firms.

KACST's Badir Technology Incubator signed a cooperation agreement with Investor Securities to set up the fund. The agreement was signed by Prince Turki bin Saud, vice president for research institutes, and Abdullah Al-Fowzan, chairman of Investor.

In a statement on the occasion, Muhammad Al-Suwaiyel, president of KACST, said the agreement would boost the Kingdom's technological development.

Prince Turki said the new fund would encourage young Saudi men and women to carry out a number of investment projects in the field of technology.