OREANDA-NEWS. April 17, 2014. Saudi Aramco and Dhahran Techno Valley (DTV) recently signed an agreement that will provide land to Saudi Aramco for building the headquarters of the Saudi Aramco Entrepreneurship Center, or Wa’ed, one of the most important initiatives for nurturing entrepreneurship in the Kingdom.

The agreement was signed at the King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran in the presence of HE Dr. Khalid Al-Sultan, director of KFUPM and chairman of the DTV Board, and Abdallah I. Al Saadan, senior vice president of Saudi Aramco Finance, Strategy and Development. Also in attendance was Hany K. Abu Khadra, executive director of Saudi Aramco‘s Community Services, and Dr. Halim H. Radwan, designated executive president of DTV.

“This will add a qualitative and integrated addition to existing research centers in DTV and interactions between those centers and KFUPM’s faculties and students,” Al-Sultan said.

He indicated that the agreement boosted the attractiveness of DTV as Saudi Aramco, the world’s leading energy enterprise, joins other international companies in establishing centers at DTV.

The establishment of the Wa’ed Center at DTV will support Wa’ed’s goals of transforming young people’s ideas for small enterprises into a successful investment reality through cooperation with research centers at DTV and the scientists of KFUPM, Al Saadan said. 

“The center will work amid an integrated atmosphere of scientific and applied innovations that will lead to the emergence of enterprises in various high and economically feasible fields to contribute to the diversification of the national economy,” Al Saadan said, adding that the center will help create more qualitative and sustainable job opportunities with its activities and training for entrepreneurs and financial and nonfinancial support of feasible business ideas.

The agreement represents a major step in the strategic cooperation between Saudi Aramco and KFUPM, represented here by DTV, and will enhance the Kingdom’s efforts to achieve a knowledge-based society and economy.  

The agreement is also considered a qualitative addition to the existing cooperation between KFUPM and Saudi Aramco in supporting entrepreneurship, which culminated last year with Saudi Aramco’s launching of an incubator for innovations and entrepreneurship at KFUPM.