The Business Incubators and Accelerators Company (BIAC), a subsidiary of Saudi Technology Development and Investment Company (TAQNIA), wholly-owned by the Public Investment Fund, and Simera Innovate GmbH, the global leader in engineering simulation and data management systems company, has announced the formation of a new joint venture company to support and develop Industry 4.0 technology applications in the Kingdom.
Simera Innovate Saudi Arabia, the new company, will focus on small and medium enterprise (SME) development to accomplish the National Transformation Plan 2020 and Vision 2030 ambitions and objectives.
Swiss-headquartered, Simera Innovate will provide its portfolio of specialist engineering intellectual property to the joint venture in order to establish local manufacturing capacity in the Kingdom.
Johann du Toit, Chief Executive Officer, Simera Innovate, commented: “Our new JV Company, Simera Innovate Saudi Arabia, will emphasise on SME development and play its part to lay the foundations of a vibrant Saudi SME landscape supporting large national projects and encourage economic diversification.
“This will be done through industrial and research implementation support for Industry 4.0, product life management and product development technologies. The new venture will also focus on the localisation of aerospace and precision optical industries, product design, production, evaluation and test activities.”
Nawaf Alsahaf, Chief Executive Officer of BIAC, stated: “The joint venture will train and employ numerous male and female Saudi creators and engineers, specialising in Industry 4.0 related technologies. The purpose of the new company will be to provide advanced problem-solving solutions to local companies, develop new intellectual property and establish specialist production capacity within the Kingdom.”
While Industry 3.0 was centred on the automation of single machines and processes, Industry 4.0 encompasses on the end-to-end digitisation of all physical assets and integration into digital ecosystems with value chain partners.
The Kingdom has adopted Industry 4.0 as a national priority to generate thousands of skilled jobs, as nearly two-thirds of its population is below 30.
Simera Innovate, part of Simera Group and a specialist industry 4.0 technology application company, with a focus to innovate product design and production processes applying modern design, simulation, production and test technologies. Through its collaboration with business units within the Simera Group and extended international collaborator companies, the company localises engineering and product development speciality fields.
Established in 2017, BIAC focuses on setup, operation, maintenance and management of business incubators and accelerators. It provides entrepreneurship support platforms, innovation programs and technology transfer along with project management services, specialised consultations and training services to enhance human resource capabilities.
BIAC seeks to contribute to the growth and development of the innovation and entrepreneurship environment and to support emerging technology companies, in line with the Vision 2030 and its objectives that includes supporting entrepreneurship, SMEs and increasing their contribution to GDP.