Saudi officials have recently announced plans to establish the Prince Mohammed bin Salman College of Business and Entrepreneurship under the auspices of the King Abdullah Economic City (KAEC).
The Mohammed bin Salman Foundation (MISK) has signed a cooperative agreement with Babson College and Lockheed Martin to develop the first undergraduate and postgraduate degrees in entrepreneurship in Saudi Arabia.
Following Deputy Crown Prince Mohammed bin Salman’s visit to the US in June 2016, MISK Secretary-General Bader Al-Asaker signed the memorandum of understanding alongside Babson President Dr. Kerry Healey and KAEC Managing Director Fahd Al-Rasheed.
The college will offer students the opportunity to engage in hands-on research and business development ventures, providing valuable experience that will lead to a career in entrepreneurship after graduation.
“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,” said Al-Rasheed, following the signing of the agreement.
“The university,” stated Al-Rasheed, will “play a key role in supporting and developing business sectors that encourage initiatives in education and other sectors that help young Saudis.”
Vision 2030 To Develop Entrepreneurship Opportunities For Saudi Youth
As part of the Kingdom’s sweeping Vision 2030 reforms, the government has detailed a plan to partner with the private sector in order to align higher education outcomes with job market needs.
Collaboration between MISK, Lockheed Martin, and Babson follows the Kingdom’s pledge to invest in strategic partnerships in a number of educational fields, increasing student engagement in diverse university specializations. The Saudi government is expected to expand monitoring and evaluation capabilities to ensure that all students receive an internationally-competitive education that will prepare them for employment in the public and private sectors.
Under the global economic framework of Vision 2030, the Kingdom aims to foster innovation among local entrepreneurs through the creation of the Small and Medium Enterprises Authority to facilitate international cooperation and market access for young Saudis.