Jeddah: The Ministry of Investment, Wadi Jeddah Company-the investment arm of King Abdulaziz University-and the US-based Cambridge Innovation Center (CIC) have signed a memorandum of understanding (MoU) aimed at boosting the Kingdom’s innovation and entrepreneurship ecosystem, supporting the knowledge economy, and attracting foreign investment in line with Saudi Vision 2030.

According to Saudi Press Agency, the MoU focuses on enhancing entrepreneurship and innovation to advance the knowledge economy. Its implementation mechanisms aim to attract investment and entrepreneurial programs that can benefit from the local environment, thereby attracting foreign investment and developing national intellectual capital.

The agreement also prioritizes creating a supportive environment for innovation by facilitating essential services and infrastructure for startups, entrepreneurs, and major companies in the region. It includes promoting the region to local and international companies, service providers, and investment funds, as well as joint efforts to provide consulting or research services to its network of beneficiaries.