JEDDAH - Prince Muhammad Bin Salman College for Business and Entrepreneurship (MBSC) at King Abdullah Economic City has announced setting up of an endowment fund, amounting to SR1 billion.

The fund aims at enhancing the college’s scientific research and applied programs and activities, as well as ensuring sustainable financing to achieve its objectives in supporting the labor market with national cadres.

It’s goals also include enhancing the role of small and medium enterprises, in addition to contributing to the development of the national economy in line with the ambitions of the youth and the Kingdom’s Vision 2030.

Fahd Al-Rasheed, deputy chairman of MBSC Board of Trustees, said that the move to establish the fund, which seeks to raise SR 1 billion by 2020, comes within the framework of the College’s efforts to strengthen its pioneering role in scientific and research fields.

Lockheed Martin Corporation will contribute SR 375 million in support of the fund, which is keen to diversify sources of long-term financing as well as the ability to develop savings. An agreement was signed between King Abdullah Economic City and Babson International in this regard.