RIYADH: As Saudi Arabia accelerates its economic diversification efforts under Vision 2030, ensuring balanced regional development is crucial, according to a senior academic.
Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized the importance of spreading development beyond Riyadh during an interview with Arab News on the sidelines of the Human Capability Initiative in the capital.
“Economic development of the Kingdom outside of the capital city of Riyadh is critical,” Degraeve said. “That still is the intent of KAEC. It’s also the intent of NEOM… you have to bring the whole city along in an economic development process, the whole country.”
He drew parallels with the UK, pointing to regional disparities as a factor in Brexit. “It’s one of the reasons for Brexit, for instance, because of the imbalance in economic development between London and the rest of the UK,” he added.
Degraeve also underscored the role of education in driving sustainable growth, noting that the sector is key to preparing young Saudis for leadership and innovation in a diversified economy.
“Education is a critical strategic sector in Saudi Arabia, with 36 million people and 70 percent below 30,” he noted. “There’s an enormous market that underlines the importance of the sector.”
MBSC is experiencing rapid growth in student enrollment, signaling strong demand for high-quality academic programs aligned with Saudi Arabia’s evolving economic landscape.
“Four years ago, we graduated 40 students and the next year we graduated 100 students. That was already two and a half times the size of the school,” said Degraeve. “But the year after we graduated 320 students… and this year we have graduated 480 students.”
“That’s an enormous growth which shows the market interest in premium business education in the Kingdom,” he added.
Degraeve credited the surge to the Kingdom’s Vision 2030 initiative, which he said has inspired young Saudis to seek world-class business education that equips them for a dynamic future.
“It is Vision 2030,” he said. “The Saudi youth is really inspired by the business future of the Kingdom… and they are looking for good world-class business education. Prince Mohammed Bin Salman College provides that alternative.”
In response to rising demand across the country, MBSC has expanded its reach through regional partnerships and diversified program delivery.
“Since 2021, we work in partnership with STC Academy to offer our executive MBA program, or Master in Management and a Master in Finance programs here in Riyadh,” Degraeve said.
He continued: “Through Riyadh, we have access to Dammam as well. We are offering programs in KAEC also, which allow us to access Makkah and Madinah.”
The college’s modular program format has also made it easier for working professionals to pursue advanced education without stepping away from their careers.
“It’s a format where students fly in, stay for four days in the program, four days per month over the weekend, and then they are back in the full-time employment,” he explained.
Degraeve emphasized that MBSC’s mission is closely aligned with the Kingdom’s drive to unlock new economic value and diversify its economy.
“The main aim of Vision 2030 is diversification of Saudi’s economy,” he said. “You diversify an economy by taking many, many, many initiatives, value-creating initiatives in a wide range of businesses and industries.”
“Prince Mohammed Bin Salman College develops leaders,” he added. “Leaders do essentially two things… they think about new value-creating initiatives… but that’s not sufficient. Leadership also requires us to act. We sharpen… our students’ execution skills.”
To date, the college has graduated more than 1,200 students, whom Degraeve described as “leaders for the future of the Kingdom.”
He also stressed the importance of preparing students for success on the global stage.
“Actually, we have a duty. It’s a responsibility for us to connect with international organizations,” he said.
Degraeve added: “We make them especially effective to work in Saudi Arabia and the Middle East region… but business is a global activity.”
MBSC has partnered with leading international institutions, including Babson College in the US and Oxford University in the UK, to strengthen its global outlook and educational offerings.
