JEDDAH, 23 November 2005 — The Centennial Fund, one of the economic reforms introduced by Custodian of the Two Holy Mosques King Abdullah, was launched Monday night, offering financial aid worth SR150 million to young Saudi men and women who intend to open own businesses.
Prince Abdul Aziz ibn Abdullah, chairman of its board of trustees, received a donation of SR80 million from Saudi Basic Industries Corporation (SABIC) and an SR70 million-credit offer from National Commercial Bank (NCB) during the launching ceremony in Riyadh. The Saudi Arabian General Investment Authority (SAGIA), which organized the ceremony, said the fund’s new initiative would help young Saudis establish 280 projects and create more than 4,000 jobs during the next five years.
Prince Abdul Aziz received a check for SR80 million from Prince Saud ibn Abdullah Thunayyan, chairman of SABIC’s board of directors. The event also witnessed the singing of a memorandum of understanding with Abdullah Bahamdan, chairman of NCB, on the bank’s credit support.
Prince Abdul Aziz thanked the Ministry of Petroleum and Mineral Resources, SABIC and NCB for their support to make the initiative a resounding success. “We have already extended financial assistance to a number of Saudi men and women to carry out various projects in different parts of the country,” he told the launching ceremony. The previous programs were held on an experimental basis, he added.
The fund was established as part of the government’s efforts to create more jobs and business opportunities for young Saudi men and women. The idea emerged when the Kingdom celebrated its centennial anniversary a few years ago. “The fund serves as a professional economic tool for the employment of Saudi youths,” a charity official said.
