The Ministry of Investment of Saudi Arabia, Wadi Jeddah Company - the investment arm of King Abdulaziz University - and the U.S.-based Cambridge Innovation Center (CIC) have signed a Memorandum of Understanding (MoU) aimed at bolstering the Kingdom’s innovation and entrepreneurship ecosystem. The agreement aligns with Saudi Vision 2030 by supporting the development of a knowledge-based economy and attracting foreign direct investment (FDI).

The agreement aims to foster a knowledge-based economy and localize technology, while the partnership seeks to drive innovation and attract foreign investment.

Representing the Ministry of Investment at the signing ceremony was Dr. Abdullah Ali Aldubaikhi, Assistant Minister for Investment Development. Wadi Jeddah was represented by its CEO, Dr. Sattam Saud Lingawi, while CIC was represented by its Managing Partner, Carrie Allen.

The MoU outlines a strategic collaboration to advance innovation and entrepreneurship in support of the knowledge economy and Saudi Vision 2030 goals. Implementation will focus on launching investment and entrepreneurship programs that leverage the local business environment, thereby attracting foreign investment and fostering the growth of national intellectual capital.

The agreement emphasizes creating a supportive innovation environment by facilitating access to essential services and infrastructure for startups, entrepreneurs, and major enterprises operating in the region. It also includes joint efforts to market and promote the region to local and international companies, service providers, and investment funds. Additionally, the partners will collaborate to deliver consulting and research services to a shared network of beneficiaries.

A key objective of the partnership is to facilitate the transfer of knowledge and technology from global ecosystems into the Kingdom. CIC will play a central role in connecting Saudi startups and entrepreneurs with an international network of investors and experts. The initiative aims to build an integrated ecosystem that transforms local innovations and university research into successful commercial ventures, enhancing Saudi Arabia’s global economic competitiveness and supporting the localization of high-value jobs and economic diversification.

CIC (Cambridge Innovation Center) is a globally recognized hub dedicated to supporting entrepreneurs and startups. It provides specialized workspaces, consulting services, and access to a worldwide network of investors and innovation professionals in the technology and entrepreneurship sectors.