The Saudi Government has placed the Kingdom on an accelerated track toward becoming a knowledge-
based economy. Through the implementation of new technologies and advanced business models,
Saudi Arabia is encouraging a business environment marked by innovation and entrepreneurship.
In collaboration with major U.S. companies and educational institutions, the Saudi Government has
developed research and development labs, technology parks, incubators, and entrepreneurship centers
in order to provide advanced training to Saudi nationals. In addition, the Kingdom has supported the
development of world-class universities, such as King Abdullah University for Science and Technology,
the world’s newest, state-of-the-art graduate research institution, with a $10 billion endowment.