Prince Mohammed Bin Salman College at KAEC Establishes SAR One Billion Endowment Fund
Prince Mohammed Bin Salman College (MBSC) of Business and Entrepreneurship at King Abdullah Economic City (KAEC) has announced the establishment of an endowment fund supporting programs and activities related to science, research and applied studies. The fund also aims to ensure continual funding that can enable the college to achieve its goals in the job market by utilizing national cadres and enhancing the roles of small and medium-sized enterprises. This is in addition to contributing to developing the national economy in line with the ambitions of Saudi youth and the aspirations of Vision 2030.
The establishment of the endowment fund comes as part of the college’s aspirations to strengthen its leading role in scientific and research fields. In addition, establishment of a fund is aimed at attracting an elite group of distinguished faculty members in order to benefit from the best scientific capabilities in the world. Lockheed Martin will support the fund by contributing SAR 375 million as per the agreement signed by both KAEC and Babson Global.
The endowment fund will contribute to the funding of research and applied studies, with the aim to transform research results into products that are able to contribute to the development of the managerial and entrepreneurial ecosystem.
In this context, Mr. Fahd Al-Rasheed, Vice Chairman of the Board of Trustees of Prince Mohammed Bin Salman College of Business and Entrepreneurship, stated: “This step of establishing the endowment fund comes within our plans to ensure the continuity and funding of growth and development operations. This is in order to fulfill our scientific mission in the entrepreneurial sector, in addition to supporting the national economy and development journey, through which we aspire to build and consolidate this scientific edifice until it becomes one of the pillars of academic learning around the world – a prominent name in the world of higher education.”
Last September, the college announced the launch of its Masters of Business Administration (MBA) program, which features programs and curricula designed according to the highest standards of academic accreditation by balancing theoretical studies and practical application, as well as applying international best practices that are in line with the demands of the job market. From 2,326 applicants from 50 distinguished universities and 30 leading business entities from around the world, 139 students have been accepted into the first edition of the program.