The Prince Abdullah Bin Abdulaziz Science Park (PASP) was established in 2003. Located on a 300,000 square meter site, north of the King Fahd University of Petroleum & Minerals (KFUPM) main campus, the park will be closely integrated with the university. The location with its proximity to science and engineering colleges provides for considerable interaction between tenant firms, their personnel and university scientists and engineers.

The park will house a range of firms, mainly those involved in the petroleum and chemical industry and the growing IT sector, both of which are major strengths of the university. The first development phase of the park, which is expected to be completed by 2004, will be leased to companies interested in maintaining close links with the university community as well as with other Saudi Petroleum and IT-based industries. At present, there are three companies that can be considered tenant of PASP. Among them Schlumberger has already signed the contract and has set its foundation stone on the PASP site. Ciba and JCCP presently share research interests with the university and are located in its Research Institute (RI). A Saudi company, Jeddah BioCity, has also requested space in PASP. Further, several other companies have already sent their letter of intent (LOI) and can join PASP as soon it is fully functional. The vision 2005 embraces more then 20 companies joining PASP.

In addition to providing land, infrastructure, PASP offers unique opportunities and incentives for start-up companies through specialized growth environments in the park’s technology incubator. Companies that outgrow this initial start-up environment can be housed as tenants in the science park. An incubator and multi tenant building, which will also house PASP’s central administration and communal facilities will complete the first phase development.

The development model for the park is based upon partnership between PASP and external organizations that bring access to finance and complementary skills. The KFUPM brings its great resources in intellectual skills and access to specialized equipment and scientific facilities and its land, whilst the outside organizations (including Government) bring capital, commercial knowledge and political support. The various partners will share ownership in proportion of the contribution that they make, in cash and in kind.

The park will derive returns from the land, from building rent paid by tenant firms and from its consulting activities. The park’s management and administration will be through a limited company with a board of directors made up of representatives of government, university, business and a managing director, the majority coming from the university as well as the Chairman of the board.

A non-profit company established on behalf of the stakeholders, seeking for-profit subsidiaries, separate from the University, will manage the Park (PASP). It will be responsible for all aspects involved in the establishment and operation of the PASP. Stakeholder will include KFUPM, the Saudi Government, Chamber of Commerce, Saudi Aramco, etc.