RIYADH: More than 50 young Saudi male entrepreneurs have applied for the Nami Fund to assist them in starting their own business ventures. “We will be considering five applicants,” said Prince Mohammed bin Saud bin Fahad bin Abdulaziz, who owns the fund.

Earlier, he told Arab News that Nami wanted to fund five outstanding projects in its first year of operation. Nami was organized earlier this year under the auspices of the Saud bin Fahad Charity Foundation.

He said that the applications and other papers submitted by the aspiring young Saudi entrepreneurs are being studied by the Nami board, adding that the main criteria in selecting the projects to be funded include viability and chances of succeeding.

“We want the five young Saudis to succeed and serve as models for other aspiring young local entrepreneurs,” the prince said.

Importantly, each of the successful applicants will undergo training. For this purpose, Nami is making arrangements with different training institutions.

“Each of the five successful applicants will also receive an interest-free loan of up to SR300,000 to start a small business. The amount will be paid within a specified time is to be agreed upon as per the contract,” he said.

He added that “we hope the young Saudi entrepreneurs who receive Nami assistance will also help other aspiring young local entrepreneurs start their own business ventures, and that the business ventures will not only be profitable but also helpful to the Saudi society in general.”

When asked what inspired him to start Nami, he said that it was a combination of factors. First, it was in return for the assistance he had received earlier when he was starting in business. Now, he runs his own businesses.

Second, he was inspired by his mother, Princess Mabawi bin Musaad bin Abdulaziz, founder of Riyadh-based Deem Al-Manahil. A non-profit organization, Deem Al-Manahil’s main goal is to help Saudi women, regardless of age, start small to medium business ventures.