Rolls-Royce said on Monday it will become a founding member of the King Abdullah University of Science and Technology (Kaust) Industrial Collaboration Program that will see the university contribute in developing technologies for use in Rolls-Royce products.
The announcement was made at the Global Competitive Forum 2010 in Riyadh, where it was made public that Kaust will now join a team of global academic partners that contribute to product development for Rolls-Royce.
The worldwide power systems provider is active in the aerospace, marine and energy sectors in the Kingdom, with a client list that includes Royal Saudi Air Force, Saudi Aramco and Saudi Arabian Airlines.
Globally, it has a customer base that includes more than 4,000 aircraft and helicopter operators, 600 airlines, 2,000 marine customers and energy customers in nearly 120 countries.
Membership in Kaust's Industrial Collaboration Program (KICP) involves three categories (founder, supporter and small business) that contribute varying amounts.
Membership benefits include the chance to create spin-off companies, their pick of graduates, access to Kaust core facilities and technical assistance, invites to special events and more.Every member however needs to commit for a minimum of three years, which means that Rolls-Royce has invested at least $300,000 in the Kaust initiative.