The Mohammad bin Salman Foundation (MISK) Charitable Foundation and King Abdullah Economic City (KAEC) have signed a cooperation deal with US-based Babson College and Lockheed Martin to start the Prince Mohammad bin Salman College of Business and Entrepreneurship in KAEC, Saudi Arabia.

The deal took place under the patronage of Crown Prince Mohammad bin Salman bin Abdulaziz, Deputy Crown Prince Mohammad Bin Salman Al Saud, Second Deputy Prime Minister and Minister of Defence.

Badr Al Asaker, secretary general of the MISK; Fahd Al Rasheed, group CEO and managing director of KAEC and vice president of the board of trustees of the college; and Dr Kerry Healey, president of Babson College, signed the deal in Washington, US, said a statement from KAEC.

This college is the first outcome of the fruitful partnership between MISK and KAEC, and sits in line with Crown Prince Mohammad’s vision for the development of education and knowledge for the young of Saudi Arabia, it said.

The college also is in line with the Kingdom’s 2030 Vision, especially concerning qualitative education, which will help bolster the economy, bridge the gap between the outcomes of higher education and the requirements of the job market, support small and medium businesses as major enablers of economic growth, job creation and innovation, and unleash the creativity of the young so they can develop their own ideas and ventures, it added.

Al Rasheed, on behalf of the college’s staff and partners, thanked Crown Prince Mohammad bin Salman for his unwavering confidence in, and support of, the qualitative education sector, said a statement.

He said: “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.”

“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 Bachelor of Arts (BA) and postgraduate degrees in entrepreneurship in the kingdom, it said.

Babson College, the leading entrepreneurship college in the US, and Lockheed Martin, a leading business conglomerate, will present their vast expertise in higher education through an innovative applied education system, it stated.

Dr Healey said: “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.”

“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 realise our educational vision. The outcomes of the college will play a great role in pushing the Kingdom’s economy forward,” he added.

The college will include the kingdom’s first entrepreneurial research and development centre, 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, it said.

Alan Shenouda, executive manager of Lockheed Martin Saudi Arabia, said: “We are committed to supporting economic development in the kingdom through an innovative programme that guarantees sustainable revenues.”

“We are proud to be partners in implementing this incredible initiative,” he added. – TradeArabia News Service