Saudi Arabia to support entrepreneurs in Economic City
The center will provide technical, administrative, and financial services
The Economic Cities Authority (ECA) and the Saudi Arabian General Investment Authority (SAGIA) signed Sunday a cooperation agreement with the King Abdul Aziz City for Science and Technology (KACST) to support entrepreneurial projects created in King Abdullah Economic City (KAEC), Saudi Press Agency reported.
A global center for business incubators will be established to support entrepreneurs who come up with technological and scientific business ideas that can be realized on the ground at KAEC, according to the agreement.
The center will provide a comprehensive environment conducive to offering all technical, administrative, and financial services, which can expedite the process of implementing entrepreneurial projects. It will also give incentives to entrepreneurs.
In a press statement, SAGIA Governor Abdul Latif Al-Othamn, who is also ECA board of directors’ chairman, said the ECA makes all government services available for entrepreneurs at all economic cities. “We work on increasing incentives and perks given to entrepreneurs,” he added.
KACST President Dr. Muhammad Al-Swayel said the city works to on developing and supporting at the same time all entrepreneurs who come up with technical creative ideas. “We have comprehensive programs and strategic policies and initiatives specifically for this purpose. Our technology incubator is the best example,” he added.
The KACST allows Saudi entrepreneurs to connect with their non-Saudi counterparts outside the Kingdom.
This article was first published in the Saudi Gazette.