Avascent signs Memorandum of Understanding with RPD Innovations at Saudi-US CEO Forum
MOU further establishes Avascent as a strategic partner to accelerate Saudi technology development and start-up businessesJay Korman and Mr. Abdulmohsen Almajnouni sign the MOU at the Saudi-US CEO Forum
NEW YORK, NY – At the Saudi-US CEO Forum held last week in New York, Avascent signed a Memorandum of Understanding (MOU) with RPD Innovations, the national center for technology development and commercialization in Saudi Arabia. The agreement furthers Avascent’s current activities centered around its strategic partnership with RPD Innovations supporting technology commercialization and localization initiatives.
Avascent Managing Director Jay Korman participated in the second annual Forum, which was established to strengthen Saudi-US business relationships by providing a platform to enhance bilateral trade and investments, identify potential enablers to closer economic ties and deeper business relationships, explore partnership and investment opportunities, and exchange impactful ideas and experiences to facilitate best practices.
The MOU was signed by Jay Korman and Mr. Abdulmohsen Almajnouni, the CEO of RPD Innovations, and further cements Avascent’s support of RPD Innovations to:
- Manage the Kingdom’s Intellectual Property within key research and development centers of gravity within the Kingdom;
- Assess growth opportunities both domestically and abroad for home-grown technology;
- Identify suitable business models and outside partnerships to accelerate technology commercialization;
- Develop strategies to target critical industries and businesses for government investment; and
- Train and create sustainable and meaningful jobs for local Saudi talent.
“Avascent is proud to support the Kingdom in its efforts to grow and internationalize its home-grown technology as part of the effort to transform Saudi Arabia’s economy,” said Jay Korman. “We have had the pleasure of being involved with many successful projects that fundamentally accelerates the establishment of local businesses and the “start-up” culture and ecosystem that has taken root in the Kingdom. This MOU further strengthens our relationship with RPD Innovations and other key participants in the Saudi Arabia Advanced Research Alliance.”