A leading Saudi company will open a special group devoted to helping Saudi women launch their own businesses.

The Al-Manahil Company is expected to launch the Al-Manahil Group by February 2015, according to Nadia Al-Jabr, general manager.

The group will be composed of three firms — Deco, Al-Manahil Recreation and Deem Al-Manahil for Investment.

“With more companies, there will be more resources to help enterprising Saudi women,” Al-Jabr told Arab News on Saturday.

These will be in addition to the existing Al-Manahil Holding, which lends help to Saudi women through the Deem Al-Manahil Foundation.

“The founders of Al-Manahil are happy beyond words that they are able to help out without solely having to be concerned with profits. Like others who extend assistance, they feel indescribable self-fulfillment,” Al-Jabr said.

Ten young Saudi women have applied for loans through Al-Manahil this year for various business ventures. Their applications are being screened to determine their capability to start up and run a business.

Selected entrepreneurs will each be granted SR300,000 once their application is approved by a designated committee. They will also undergo training at Deem Al-Manahil before loans are granted.

“The loans are granted without interest, but they have to pay back their loans within five years,” she said.

The founders of Al-Manahil are hoping that loan beneficiaries will also help other enterprising Saudi women after they succeed.

“Saudi women who have been granted loans have so far been successful in their endeavors,” she said.

The Ministry of Social Affairs is coordinating with the foundation regarding its activities.

Founding members include Princess Madawi bint Musaad, Princess Latifa bint Musaad, Princess Reema bint Sultan and Awatis Balghonain, Munaira Al-Rashid Al-Humaid and Pansa Al-Rashid Al-Humaid.

Al-Manahil was created in 1990 as a leading local beauty, fitness and sports center inside the Diplomatic Quarter in Riyadh, boasting modern facilities.