King Abdullah Economic City (KAEC) will provide logistical support and services for entrepreneurs supported by Saudi Aramco Entrepreneurship Centre (SAEC), following a memorandum of understanding (MoU) signed by them.

KAEC aspires to be the city of choice for startups and growing businesses, sourcing the best talents, and attracting the top entrepreneurial jobs and opportunities in the region.

This is coupled with a complete setup to support new and growing businesses by offering state-of-the-art, plug-and-play offices, comprehensive list of shared business services, and an unparalleled network of partners and customers to help businesses get access to market.

The MoU was signed by Fahd Al-Rasheed, group CEO and MD of KAEC, and Sami Al-Khursani, MD of SAEC, at a ceremony held in KAEC’s award-winning Bay La Sun Hotel and Marina.

Al-Rasheed said: “The signing of this MoU marks the start of KAEC’s and SAEC’s drive to encourage more Saudi entrepreneurs to get their beginning in the business world by showing them that at KAEC they have access to two primary ingredients for a successful enterprise — location and funding.”

He added: “Small and medium business enterprises (SMEs) are the backbone of a diversified economy and at KAEC we provide every facility and on the ground support for Saudis to establish their entrepreneurial ventures in the Industrial Valley. KAEC is fully committed to helping entrepreneurs and in addition we can give them business openings and access to a wide customer base.”

Speaking on behalf of SAEC, Al-Khursani said: “We are very pleased that KAEC is supporting SAEC and we are confident that our cooperation will result in many new business enterprises establishing their operations at KAEC.”

Also at the ceremony, an office space leasing agreement was signed by Ahmed Linjawy, deputy CEO of KAEC, and Khalid Al-Holan, CEO of Dusfan Enterprise.