Three-year grant to investigate issues relevant to Saudi Arabia
Address the global challenges & advance science and technology in energy, water, food and environment etc.
SEDCO Award will encourage collaboration with world-class research teams
Initiative underlines SEDCO's commitment to education and innovation
Jeddah: The Saudi Economic and Development Company (SEDCO), one of the leading Sharia-compliant private wealth management companies in the Kingdom with King Abdullah University of Science and Technology (KAUST) announced today SEDCO Research Excellence Award (SREA) ; a three-year funded research grant at the university.
Dr. Adnan Soufi, Chief Executive Officer, SEDCO, said: "SEDCO's pioneering research gift to KAUST demonstrates the company's commitment to the economic growth and diversification of Saudi Arabia through cutting-edge research and collaboration.
"We have always been committed to playing a central role in the community around us in terms of using our time and resources to improve the general level of education in the country."
The goal of the SEDCO Research Excellence Award (SREA) is to support both problem-oriented and basic research of special interest to Saudi Arabia to address the global challenges and advance science and technology in energy, water, food and environment etc.
Announced earlier this year, KAUST University Development and Global Collaborative Research said that the SREA will fund a three-year multi-disciplinary research project at the university.
Research will be carried out by teams of at least three investigators with at least one member of KAUST faculty as the principal investigator. The SREA will encourage collaboration with the best researchers in the world, provided that all work is done at KAUST.
SEDCO has been actively involved in developing the education sector in the Jeddah and Makkah region, in particular, through initiatives such as providing grants to the Saudi Institute for Health Services and Dar Al Hikma College, including through the development of an annual scholarship program. The company also works with the Jeddah Chamber of Commerce and the Ministry of Education to enhance the skills of teachers and administrators in the Makkah region.
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About KAUST
King Abdullah University of Science and Technology (KAUST) located on more than 36 million square meters on the Red Sea at Thuwal in Saudi Arabia, is an international, graduate-level research university dedicated to inspiring a new age of scientific achievement in the Kingdom, across the region and around the globe. As an independent, merit-based institution, King Abdullah University of Science & Technology enables top researchers from around the globe and across all cultures to work together to solve challenging scientific and technological problems.
The university was envisaged and founded by The Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al Saud as a new "House of Wisdom" and a beacon for peace, hope and reconciliation to serve the people of the Kingdom and benefit all peoples of the world. The quality and diversity of the first year's intake of scholars exemplifies these goals. All were chosen on the basis of their academic merit and they come from over 40 nations worldwide.
University Development strives to advance and strengthen the mission of the university by securing sustainable philanthropic support which enables the university to pursue its primary purposes of teaching and research and providing opportunities for donors and funding partners to participate in the life of the university and engage in its future.
About SEDCO:
The Saudi Economic and Development Company (SEDCO) is a leading private wealth and investment management organization that conducts business in accordance with the principles of Sharia. Through its fully owned subsidiaries, the company manages a diversified portfolio of investments in Saudi Arabia and across the world in the areas of direct investments, funds and private equity investments, as well as real estate development and property services. The organization also manages a number of independent companies in travel, recreation and vehicle leasing sectors.
With more than three decades of experience and an established track record of sustained above average returns, SEDCO is committed to providing attractive global investment opportunities through innovative and well-differentiated Sharia-compliant products. SEDCO adheres to international best practices and the highest standards of corporate governance.
A private company based in Jeddah, Saudi Arabia, SEDCO is owned by the Bin Mahfouz family, whose entrepreneurship led the company's phenomenal transformation from a construction contracting firm into a multi-specialized organisation, currently employing over 3,500 staff. For more information, visit www.sedco.com
For further information, please contact:
Bashar Kharbat / Yousef Shehadeh
ASDA'A Burson-Marsteller
Jeddah, Saudi Arabia
Tel: +966 2 657 5194/195/196
Fax: +966 2 657 5277
Email: b.kharbat@asdaa.com,y.shehadeh@asdaa.com
© Press Release 2010
