RIYADH, 7 May 2007 — Governor of Riyadh Prince Salman yesterday asked public and private sectors to encourage youth in their businesses, adding that these sectors had the responsibility of providing “concrete solutions to their problems.”
Prince Salman also lauded the role played by youth in the development of the Kingdom, especially at a time of economic boom and the development of several economic cities, which he noted would bring promising economic benefits for the Kingdom for future generations.
Minister of Commerce and Industry Hashim Yamani inaugurated the Youth Businessmen Forum 2007 on behalf of the governor. The two-day forum is being organized by the Riyadh Chamber of Commerce and Industry. The forum kicked off this year after a successful beginning last year. The forum was attended by hundreds of young businessmen from the public and private sector.
“This forum — among others that concern youth in the Kingdom — is requested to draw clear guidelines for the challenges the youth face and to prepare qualified youth in the fields of finance, business, and national economy,” Prince Salman said in his speech which was read out by Yamani.
Prince Salman also said that modern age and the challenges of competition and globalization required that youth be prepared and qualified.
President of Riyadh Chamber of Commerce and Industry Abdulrahman Al-Jeraisy said that the opportunities for youth provided in the mega projects opened by the government were plenty.
“The youth should be prepared to benefit from the economic boom the country is going through,” Al-Jeraisy said.
He said that as an organizer of the event, the chamber had invited many specialists, including young CEOs of reputable firms in the Kingdom to speak about their experiences and to enlighten the audience about challenges youth face ahead.
Al-Jeraisy also lauded the role played by the government headed by Custodian of the Two Holy Mosques King Abdullah to support youth and young businessmen.
Scientific symposiums started yesterday evening with two different topics being discussed.
The first topic was: “Preparing young businessmen.” During that symposium three papers were discussed. Among the papers was one which discussed “the reality of young businessmen managing their economic businesses” presented by Muhammad Al-Quwayiz of Diraya Financing Company. The study was prepared by the Riyadh Chamber of Commerce and Industry.
Al-Quwayiz said that many young Saudi businessmen were not satisfied by the organizational structure of the business environment in the Kingdom. “They feel that it hinders their progress and development,” he said.
He also said that the study had reached the conclusion that the main obstacle for young businessmen was their inability to focus on their projects, adding that many projects by young men did not have a social benefit and were based on solo initiatives.
He also said that in the study which surveyed hundreds of youth, the businessmen complained of lack of career-supporting networks.
He recommended that youth develop their skills first before establishing any business.
“They should start with themselves first and develop their skills, abilities, and relations before demanding supporting networks,” he said.
On his part, prominent Saudi businessman Ali Hussein Alireza, executive director of Haji Hussein Alireza Company, presented a paper under the title: “The role of youth in the continuation of family companies.”
Alireza said the importance of preserving family companies, especially for youth who received responsibility from the first generation.
He also noted the importance of hiring specialists, executive managers, and members of the board outside of the family to avoid the problems of sole ownership on the company’s performance.
Other speakers yesterday included Prince Khaled bin Alwaleed, assistant executive director for domestic investments of Kingdom Holding Company and Bleihid Al-Bleihid, human resource director at Saudi Research and Marketing Group.
