The Saudi Technology Development and Investment Company (TAQNIA) was established in June 2011 by Royal Decree (M/47) based on council of ministers resolution (217), TAQNIA is as a 100% PIF-owned company mandated to invest and commercialize the R&D output from various research institutions locally and globally. TAQNIA could also commercialize output from universities and other individual initiatives, and transfer technologies into Saudi Arabia on commercial basis in different strategic sectors including energy, oil and gas, water, petrochemicals, nanotechnologies, biotechnologies, information technologies, telecommunication, electronics, space, environment, security, advanced industries. TAQNIA’s Vision : To drive accelerated diversification of the Kingdom’s economy through knowledge-based industries, thereby creating value-adding jobs as well as to help create an innovative ecosystem in Saudi Arabia. TAQNIA’s Mission : TAQNIA will achieve its vision by investing in local and international technologies while engaging actively in the development and growth of those technologies to prosper into economically sustainable enterprises. To achieve the above mentioned vision, TAQNIA is structured along three strategic business tracks which are Investments, Industries, and Commercialization Services.