RIYADH, 27 March 2005 — Sixteen young Saudi men and women have been selected for the grant of funds under a government-sponsored scheme to groom entrepreneurs to run small-scale enterprises in different parts of the Kingdom.
The grant was announced at a function held at the headquarters of the Saudi Arabian General Investment Authority (SAGIA), where a Memorandum of Understanding (MoU) was signed between the Centennial Fund and SAGIA, allowing the latter to represent the interests of the winning candidates in the completion of all regulatory procedures.
The MoU will underline future cooperation between the two agencies to assist in the implementation of projects crucial to the success of small industries in terms of creating jobs for Saudis and self-employment opportunities for the grant recipients.
The Centennial Fund is a national foundation dedicated to funding Saudi entrepreneurs. On its behalf, SAGIA will screen the applications, while the fund will finance and mentor them.
The four main areas in which the fund would support the prospective grant recipients include advisory services, skills development and training, technical and administrative support services, besides financial assistance.
At the SAGIA ceremony held last week, the 16 winners received their initial installment of the grants from Prince Abdul Aziz ibn Abdullah, adviser to the crown prince.
Prince Abdul Aziz commented: “The establishment of the fund was made possible because of Crown Prince Abdullah’s personal attention and concern for Saudi youth and for matters relating to their development.” He also thanked the individuals and companies for their financial support to the fund as well as the many government agencies and, in particular, the Jeddah Chamber of Commerce and Industry.
One of the highlights of the program is that seasoned mentors will work alongside the project owners to assist them in the various phases of their project implementation. The grant recipients will also receive training.
The recipients, aged between 18 and 35, were selected on the basis of their organizational skills, business acumen and ability to work for the success of their projects.