Abdulaziz H. Al-Mutairy, general manager of the Centennial Fund, Sheikh Ebrahim bin Khalifa Al Khalifa, chairman of the board of trustees of Arab Regional Centre for Entrepreneurship and Investment Training (ARCEIT), signed the deal.
Abdulaziz said the agreement strengthens the fund's long-term strategy aimed at equipping youngsters in the Kingdom and across the Middle East and North Africa with necessary knowledge and skills.
"The experience of UNIDO in creating a sustainable training model over the years will be of great benefit as the fund will be replicating this model in Saudi Arabia and the MENA region," he said.
Sheikh Ebrahim said the MoU would help enhance further co-operation with the Kingdom through the Centennial Fund.
"We are positive that this initiative will help to achieve the goals of training and development aimed at creating a sustainable growth model including the job creation and encouraging the private sector enterprises," Sheikh Ebrahim said.
Hashim Hussain, country head of UNIDO in Bahrain, said the Bahrain-Arab Model (Enterprise Development and Investment Promotion) had so far been replicated by 37 countries.
"The MoU with the Centennial Fund will open a new era of co-operation and development for the Bahrain-Arab Model as it will focus on Saudi Arabia as well as the greater MENA region further enhancing the scope of this unique enterprise development model through intensive training and expert counseling," he said.
"Bahrain-Arab model developed by the UNIDO will continue to serve as a catalyst to develop the small and medium enterprises (SMEs)," he said.
According to experts, Bahrain has become a center for some of the best practices on human development and entrepreneurship through economic empowerment.
"It has always been our belief that the route to sustainable development is based on economically empowering the people, and the level of its success is measured by how much support is provided to the human capital. Promoting investment and developing SMEs require well groomed entrepreneurs who seek opportunities and challenge themselves to succeed, coupled with a set of value added services; and this is exactly what the Bahrain — Arab Model methodology is able to do," Hashim added.
Bahrain's government embarked on a strategic partnership with UNIDO in 1999 to provide full support to potential entrepreneurs, and all the relevant organs of government have geared their efforts towards achieving this goal.
"Due to our success and achievements thus far, many countries have requested our support in developing the Bahrain Arab Model in their respective countries. Accordingly, the program is currently being implemented in thirty seven countries from Uruguay through Sierra Leone and all the way to China; and proudly in Mozambique," he said.
Nora Faisal Al-Shaaban, president, Ebda'a Exchange, who is also a certified trainer and UNIDO counselor, said the agreement would serve as a vital pillar to the Kingdom’s human resources development initiatives.
Nora said she would use the agreement to enhance the training scope of Saudi youngsters.
"We need to change the youth’s mindset by equipping them with necessary knowledge and know-how about the economic empowerment through training and exposure," she said.
