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Rakisa to sign agreement with MIT Entrepreneurial Center |
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9/15/2006 9:45:02 AM |
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Rakisa Holding, the lead developer of the Prince AbdulAziz bin Mousaed Economic City (PABMEC) in Hail in Saudi Arabia, is set to sign an agreement with the Massachusetts Institute of Technology Entrepreneurial Center (MIT Entrepreneurial Center). The agreement will be signed tomorrow (Thursday, 14 September, 2006) at a ceremony held under the patronage of H.R.H. Prince Saud Bin Abdulmohsen Bin AbdulAziz Al Saud, Crown Prince of Hail.
The signing ceremony will be attended by Fahad Bin Abdulmohsen Al Rashid, Assistant Governor of the General Investment Authority for Economic Cities, Abdullah Ibrahim Al-Rakhis, chairman of the board of directors of Rakisa Holding Company, and Dr. Kenneth Morse, Manager of MIT’s Sloan School of Management.
The agreement envisages the setting up of an entrepreneurial center in Hail to impart training and provide guidance to entrepreneurs and acquaint them with elementary principles of prudent investment, with the ultimate objective of enabling them to design and launch successful new ventures. The training programme will be conducted in three stages under the supervision of MIT Entrepreneurial Center, and will extend over a period of three years.
“We are pleased to partner with a pioneering institute like MIT,” said Mr. Ahmed Bin Abdulaziz Al Tuwaijri, member of board of directors, Rakisa Holding. “Rakisa is committed to provide all support to endeavors aimed at boosting the economy of Hail. To realize our goal of achieving the growth and development of Hail, it is important to ensure that young entrepreneurs in the region have the opportunity to benefit from international-quality training and consultancy services. The agreement with MIT Entrepreneurial Center would help realize this objective.”
Under the agreement, a workshop will be organized in Hail on 14 September, 2006, for 20 candidates, which will be conducted by a team of eminent academicians from MIT. The best candidates will be nominated to join an academic programme on entrepreneurship and investment principles at the University of Cambridge, within the university premises. The academic programme will commence on 16 January, 2007.
The Centre will work in cooperation with the Higher Commission for the Development of Hail, Higher Investment Authority and Rakisa Holding to lay the necessary groundwork to support candidates’ initiatives and provide them guidance, so their investment ideas can be built on and be placed within a practical framework.
The agreement will be signed between Abdullah Ibrahim Al-Rakhis and Dr. Kenneth Morse. Dr. Kenneth Morse is an internationally renowned scholar who has trained several business leaders to successfully bring innovative concepts and technologies to market and build successful new start-up businesses. MIT Sloan School of Management reckons the new development centre in Hail to play a vital role in encouraging an entrepreneurial spirit and promoting an investment culture in the region.
As part of its mission to train successful entrepreneurs, MIT Entrepreneurial Center has partnered with institutions and companies around the world, sharing curricula, faculty and research. MIT Entrepreneurial Center has been involved in entrepreneurial projects worth US$ 242 to date, within the United States and elsewhere in the world.
At the signing ceremony, Rakisa Holding in association with ImpaQta will organize the “100 K Award”, where participants are invited to propose investment ideas and the winners will be chosen on the basis of the business feasibility of their proposed ideas. H.RH. Prince Saud Bin Abdulmohsen Bin AbdulAziz Al Saud, Dr. Kenneth Morse and Abdullah Al Soubiani, President of Gulf Venture Capital Association, will be present at the award function.
About Rakisa
Over the last 13 years, Rakisa Holding Company has invested in a number of telecommunications and infrastructure projects throughout Saudi Arabia and neighbouring GCC countries. Rakisa believes in leading investment consortia comprised of Saudi and foreign investors who bring value-added input. Through its various investments, Rakisa has helped create 60,000 job opportunities, generate revenues in excess of SR 22 billion (US$5.8 billion), as well as manage assets in excess of SR 5 billion (US$1.3 billion). Rakisa is also the consortium leader for the recently announced Prince Abdulaziz bin Mousaed Economic City in Hail, KSA.
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