On Monday 18 February 2019, His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, inaugurated) the 6th forum for entrepreneurship organized by KFUPM entitled "The Importance of Entrepreneurship in Supporting Local Content in the Light of Saudi Vision 2030".
Following the opening of the forum, HRH was briefed on the pioneering projects exhibition and listened to an explanation from national entrepreneurs about their ideas developed at the Entrepreneurship Institute (EI) at KFUPM.
KFUPM Rector, Dr. Sahel N. Abduljauwad thanked HRH Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, for his patronage of the forum and his attendance at the inauguration ceremony, which constitutes another affirmation of the University's mission. The Rector also thanked HRH for his continuous support for KFUPM activities and events as well as supporting the University’s efforts in the national development process, its efforts in the field of entrepreneurship and in the dissemination of a culture of pioneering thinking among its students in particular.
Dr. Sahel N. Abduljauwad said, "The forum is held at a University that has a pioneering entrepreneurial experience, is involved in the establishment of a job-creating society and embraces a large number of entrepreneurial students who have gone beyond the job search to the experience of providing employment to others." Saudi Vision 2030 will achieve progress and prosperity, its importance stems from the strength of local sources in the Kingdom, the most important of which is its Arab and Islamic identity, the country’s huge investment capabilities and its geographical and strategic location.
This forum is held at an important time in which our wise leadership - God preserve it - has laid out a roadmap for the future of our country through Saudi Vision 2030, aimed at supporting the advancement of the national economy in various fields. Perhaps one of the most prominent of these areas is raising the local industrial content. The government has initiated the establishment of Local Content and Government Procurement Commission to support this important and vital field.
"This is the 6th Entrepreneurship Forum at this pioneering University, and this event by focusing on the accumulation of knowledge and constructive meetings will move entrepreneurship in the Kingdom towards higher levels of positive impact on the future economy," said Engineer Fuad Mosa, General Manager of Local Content & Business Development Unit SABIC.
He also stressed the keenness of SABIC to participate and achieve some of the forum’s objectives in supporting entrepreneurship through systematic and organized work that brings together the best speakers to discuss important topics. In addition, SABIC encourages discussion of best practices and ways needed to build successful entrepreneurial projects as well as the forum’s contribution to raise private sector revenues in GDP in line with global standards.
Fuad Mosa said that the partnership with KFUPM, represented by the Entrepreneurship Institute, is one of the most successful of these models. This culminated in the launch of the entrepreneurship program in the field of manufacturing and small projects to support investment for Saudi entrepreneurs. A number of students have already joined the program and are receiving training and qualification from the Manpower Development Section of SABIC's Local Content and Business Development Unit. Nowadays, we are witnessing the transition of four projects from the program that will be integrated into SABIC's localization engine Nusaned. These will also be introduced to potential investors to enable their industrial investment opportunities.
SABIC reiterated its keenness to c support KFUPM leading programs in all its educational systems and to achieve the knowledge economy model as outlines in Saudi Vision 2030.
The forum, which focused on the importance of entrepreneurship in supporting local content in light of Saudi Vision 2030, included a number of interactive lectures and panel discussions that brought together national entrepreneurs, decision makers and investors in the field of entrepreneurship. An accompanying exhibition included the various stages of the pioneering projects that were established at the KFUPM Entrepreneurship Institute, from innovative ideas, development of work plans to models of integrated pioneering projects.
At the close of the ceremony, HRH Prince Saud bin Nayef bin Abdulaziz honored the companies supporting the Forum, namely SABIC - the Diamond Sponsor, Yokogawa - the Golden Sponsor, Innosoft - the Technical Sponsor, and Suci - the Social Media Sponsor.