ScienceWerx Drives MENA's R&D Growth with $100M Fund
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Khalid Saqr, ScienceWerx
ScienceWerx has launched its MENA Chapter Headquarters in Riyadh with a significant $100 million EverGreen Pre-Seed Fund aimed at turning Saudi Arabia’s research into market-ready innovations. The fund targets high-growth sectors like AI, healthtech, and deep-tech, aligning with Saudi Arabia’s strategic goals for technological advancement.
While the region, especially Saudi Arabia, invests $5.1 billion annually in R&D, a low 5-7% ROI suggests unrealized potential. Dr. Khalid Saqr, ScienceWerx Board Advisor and chairperson of the MENA Chapter, highlights the gap: “Saudi Arabia’s innovation ecosystem holds immense value, yet much of it remains untapped in labs. The EverGreen fund will provide the support and infrastructure to propel these innovations to market.”
Beyond financial support, EverGreen will connect the region’s innovators through partnerships and tech transfer offices to help bridge MENA’s $43 billion IP gap. Co-founder Patrick Haley underscores the fund’s role in creating a collaborative ecosystem, while Bassem Kadry, Chief Innovation Officer, emphasizes the fund’s potential to establish Saudi Arabia as a leader in the knowledge economy. Regional Partner Lewa Abu Khait calls it a unique catalyst for local innovation, aiming to transform R&D into globally competitive enterprises.
Source: EntArabi
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