Project: The Incubator Project
Location: Dhahran Techno Valley, KSA
Shoaibi Group has always attributed key strategic importance to Research & Development in the management and development of its business. In light of this, Shoaibi has embarked on a new initiative called the “The Incubator Project”. The Incubator Project is a research and development (R&D) hub located in Dhahran Techno Valley (DTV), Al-Khobar. The goal is to bring new upstream technologies to Saudi Aramco through sponsorship with Universities and other R&D centres. The purpose of this project is to either promote ideas in-house or to take existing technology and modify it for an oilfield application.
By understanding the current and future technology needs of Saudi Aramco, the ‘Incubator’ serves to take these challenges to universities and other R&D centers to validate whether they can be solved and overcome. If the technology fits or exists, either as a concept or prototype, then the incubator team will secure funding from Saudi Aramco and the Shoaibi Group Fund to take the technology to the ‘Technical and Commercial Feasibility’ stage. Thereafter, the technology/prototype will be handed to a ‘newco’ with the objective to commercialise the product.
Moreover, by locating the Incubator Project in DTV, Shoaibi Group will gain access to university professors and students who continuously interact actively with the DTV tenants and have access to the services provided by the DTV, e.g. facilities such as the Innovation Center.
For more information please contact David Malone, Chief Technology OfficerEmail: email@example.com