This paper presents a case study of a world-class national Information and Communications Technology (ICT) Incubator established in Saudi Arabia. ICT incubators, as the most rapidly growing segment of technology incubators, provide a cost-effective means for developing countries to jump-start their knowledge economies. As part of Saudi Vision 2030, initiatives are underway to transform Saudi Arabia into a knowledge-based economy and society. The BADIR-ICT incubator, established by King Abdulaziz City for Science and Technology (KACST) in collaboration with Saudi Telecom Company (STC), exemplifies the integration of digital transformation with national development goals. By offering a three-tiered service model, BADIR-ICT supports start-ups and small and medium-sized enterprises (SMEs) in overcoming challenges such as risk aversion, limited entrepreneurship culture, and restricted market access. Its incubation processes and business models, built on international best practices and tailored to the local context, align with Vision 2030's objectives of technological competitiveness, employment generation, and economic diversification. Key performance indicators (KPIs) are employed to evaluate its impact underscoring its strategic importance to Saudi Arabia's digital and economic transformation.