The Home of Innovation™ facility signed a Memorandum of Understanding (MoU) with ABB Group to reaffirm a global strategic framework for short- and long-term collaboration, propel their healthy development of high-technology industries, and collaborate on potential technology ventures.
Through technology ventures, the Home of Innovation™ initiative's mission is to create a business platform for those committed to innovation and growth, bringing together the best minds and organisations interested in the future of the Kingdom of Saudi Arabia and the region, and building productive collaboration. The MoU with ABB Group is an example of this productive collaboration.
Uwaidh Al-Harthi, executive vice president, innovation and business development, SABIC, and Peter Terwiesch, president, industrial automation division and member of the group executive committee, ABB, signed the MoU.
Al-Harthi emphasised the importance of utilising this collaboration to augment local content and help achieve SABIC's passion to support the national transformation programme, Saudi Vision 2030, and contribute to local industries and job creation.
Dr Fahad Al-Sherehy, vice president, technology and innovation, SABIC, highlighted ways to integrate this collaboration effort and pave the way for local investors. He said this will help to ensure a unified and rapid development of investment is created by allowing small- to medium-sized enterprises to enhance their businesses.