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.

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 also house PASP’s central administration and communal facilities.

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 derives returns from the land, from building rent paid by tenant firms and from its consulting activities. The park’s management and administration operates 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, manages the Park (PASP). It is responsible for all aspects involved in the establishment and operation of the PASP. Stakeholder includes KFUPM, the Saudi Government, Chamber of Commerce, Saudi Aramco, etc