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Saudi Arabia

New college to promote entrepreneurship

GOOD MOVE: The new college will be located inside the sprawling King Abdullah Economic City, near Jeddah.

RABIGH: The MISK Charitable Foundation and King Abdullah Economic City (KAEC) concluded a cooperation deal with Babson College and Lockheed Martin to start the Prince Mohammad bin Salman College of Business and Entrepreneurship.

The deal, reached under the supervision of Deputy Crown Prince Mohammad bin Salman, was signed in Washington, D.C. by Badr Al-Asaker, secretary-general of the Mohammad bin Salman Foundation (MISK); Fahd Al-Rasheed, group CEO and MD of KAEC and vice president of the board of trustees of the college; and Kerry Healey, president of Babson College.
This college is the first outcome of the fruitful partnership between MISK and KAEC, and in line with Deputy Crown Prince Mohammad’s vision for the development of education and knowledge for the youth of Saudi Arabia.
Al-Rasheed, on behalf of the college’s staff and partners, thanked Deputy Crown Prince Mohammad bin Salman for his unwavering confidence in and support of the qualitative education sector.
“We are proud to have launched this leading educational institution, which will play a key role in supporting and developing business sectors that encourage initiatives in education and other sectors that help young Saudis," said Al-Rasheed.
The partnership between MISK and KAEC is an important contributor to the development of the business sector, thanks to its role in supporting and recruiting major institutions that help young Saudis hone their professional skills,” he added.
Prince Mohammad bin Salman College of Business and Entrepreneurship is the first to offer BA and postgraduate degrees in entrepreneurship in the Kingdom. Babson College, the leading entrepreneurship college in the United States, and Lockheed Martin, a leading business conglomerate, will present their vast expertise in higher education through an innovative applied education system.
“Our decision to work with MISK and KAEC on this great educational institution comes out of our desire to expand and offer a true model of entrepreneurship,” said Healey. “We felt that MISK’s vision and attention to education is in line with our own, and so is that of the economic city, which enjoys great vision, strategic location, a world-class infrastructure, and the ingredients of rapid growth — all of which made it the ideal place for us to realize our educational vision. The outcomes of the college will play a great role in pushing the Kingdom’s economy forward.”
The college will include the Kingdom’s first entrepreneurial research and development center, which will conduct administrative and strategic studies on business development, allowing students to interact with and contribute their ideas to both the public and private sectors.
“We are committed to supporting economic development in the Kingdom through an innovative program that guarantees sustainable revenues,” said Alan Shenouda, executive manager of Lockheed Martin Saudi Arabia. “We are proud to be partners in implementing this incredible initiative.”

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