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HRH Crown Prince announces national priorities for the research & development sector

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HRH Crown Prince Mohammed bin Salman announced national aspirations and priorities for the research, development, and innovation sector that aims to enhance the Kingdom’s competitiveness locally and on a global scale, the official Saudi Press Agency (SPA) reported on Thursday.

The two-decade-long aspirations include development in health, environmental sustainability, leadership in energy and industry, and investment in future economies, in line with Vision 2030.

To achieve these goals, the research, development, and innovation sector has been restructured with the formation of a higher committee led by the Crown Prince that will enable legislation and regulatory standards in addition to project and budget allocation, and performance monitoring.

The Kingdom also aims to become a global leader in innovation, with annual spending targets in this sector of 2.5 percent of the country’s GDP by 2040, thereby adding nearly USD 16 billion (SAR 60 billion) to the GDP by the same target year.

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