OP Subject above quoted from comments at:
http://blogs.sciencemag.org/scienceinsider/2009/09/can-saudi-arabi.htmlCan Saudi Arabia Build an MIT? $10 Billion Says "Yes" as Desert School Opens
September 23, 2009
Can Saudi Arabia Build an MIT? $10 Billion Says "Yes" as Desert School Opens
by Jeffrey Mervis
THUWAL, SAUDI ARABIA—King Abdullah opened the kingdom of Saudi Arabia today to a throng of foreign dignitaries, government officials, scientists, and guests to show off his new King Abdullah University of Science and Technology (KAUST).
The multi-billion dollar project is a graduate institution with designs on crashing a list of the world's top 20 research universities. It's a tall order for a school that sits on a 32 sq. km. slab of desert that hugs the Red Sea north of Jeddah, the country's second largest city. But the 70-odd scientists that form the founding faculty—along with 400 students who began classes on 5 September—won't be lacking for money or equipment.
The king has put his considerable power and authority behind the university, a message reinforced by holding the inaugural ceremony on the country's National Day holiday. He's hoping that KAUST will help to move the country from an oil-based to a knowledge-based economy, a task that the university's president, Choon Fong Shih, expresses with a simple formula: "Hire the best minds and find practical applications for their discoveries."
In addition to tapping $1.5 billion in core facilities that include the first supercomputer in the region, an industrial-class a nofabrication lab, a top-rated visualization center, and a dozen state-of-the-art nuclear magnetic resonance machines, faculty members will get from $400,000 to $800,000 apiece per year for 5 years to outfit and staff their labs.