Lockheed Martin and Babson Global have worked with the Saudi Arabia Economic Offset Program office and the King Abdullah Economic City in Saudi Arabia to erect an entrepreneurship college in the region.
Lockheed said Wednesday the future College for Business and Entrepreneurship at KAEC will be modeled after the entrepreneurship education programs at Babson College.
The project will work to advance education and entrepreneurial skills in Saudi Arabia in an effort to produce jobs in the future, the company added.
“Entrepreneurship is at the core of our vision for KAEC and we are deeply engaged in helping people build and develop the skills they need to be successful in the future,” said Fahd Al Rasheed, KAEC managing director and group CEO.
Lockheed Martin Saudi Arabia CEO Alan Chinoda added that project planning and maturation took four years.
Babson Global and its development partner StrateSphere worked with KAEC leaders, Lockheed and Saudi government officials in the development of the project.
Lockheed said it will fund the college’s operations through a 10-year period.