RIYADH, 20 July 2004 — The Centennial Fund and the Saudi Arabian General Investment Authority (SAGIA) have signed an agreement to support new projects established by young Saudis. Prince Abdul Aziz ibn Abdullah, president of the Centennial Fund, signed the agreement with Amr Dabbagh, president of the SAGIA, according to the Okaz newspaper.
Based on this agreement, the fund will work with SAGIA to serve Saudi males and females to transfer their innovative commercial ideas into productive projects. The Centennial Fund would provide them with guidance and the necessary funding.
The idea of this new project is to provide a complete service for young men and women who want to start new business. It hopes to limit the risks and to increase the rate of success.
Prince Abdul Aziz said the fund and the investment agency are working on an experimental program in which they would choose from different parts of the Kingdom 20 males and females who want to establish their new business.
The prince thanked a number of Saudi businessmen and private companies for their financial support to the fund.
