Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a $200 million fund to invest in domestic and international high-tech companies as part of the kingdom’s economic diversification plan.

The fund is part of the new strategy of the King Abdullah University of Science and Technology (Kaust), the Saudi Press Agency reported on Sunday.

The strategy focuses on “increasing the likelihood of turning research into economically beneficial innovations”, through three major drives, the report said.

The initiatives include the launch of the National Transformation Institute for Applied Research (NTI) to boost technology development and commercialisation; the restructuring of research centres to align with national priorities for research, development and innovation; and the creation of the new fund.

The fund “will enhance economic diversification and contribute to the creation of high-quality technical jobs”.

The new strategy builds on Kaust’s scientific and academic achievements and represents a new era for the university to become a beacon of knowledge and a source of inspiration and innovation in line with Vision 2030 aspirations,” Prince Mohammed said.