The Human Resources Development Fund (HADAF) said it does not plan to continue monthly assistance to unemployed youth under the Hafiz scheme for a second year.

Ibrahim Al-Muaeqal, HADAF chairman said, “The fund cannot violate the Royal Decree which stipulated Hafiz support should be for a period of 12 months. An extension will only be made if a new royal order is issued to that effect.”

Under the Hafiz scheme 1.3 million youth receive a monthly grant of SR 2,000.

HADAF will continue its other services such as finding employment opportunities and offering training and development programs to the beneficiaries even if their monthly grants are discontinued, Al-Muaeqal said while participating in “the world week of business guidance and pioneering,” event launched in Riyadh on Sunday.

The event, organized by the Centenary Fund, encourages Saudi youth to return to their past when their forefathers preferred to pursue independent business activities and one solution to end the unemployment issue in the country.

He appealed to participants to present initiatives to help beneficiaries of the Hafiz scheme who currently receive SR 24,000 annually, to start new businesses.

“We encourage every job seeker to look for opportunities other than government or private establishment jobs. The Saudi economy offers plenty of golden opportunities for those who are ready to start initiatives in the business field,” he said.

The Centenary Fund week will be organizing similar events in other Saudi cities to enhance the role of small and medium enterprises in the national economy. Beginning this week, the Centenary Fund week takes place in 40 countries around the world.

Amr Al-Dabbagh, chairman of the board of directors of the Centenary Fund, said, “The fund’s international initiative, which is a first in the world, will further boost the role of the Kingdom in the area of supporting business leadership.”

Al-Dabbagh was hosting Deputy Foreign Minister Prince Abdul Aziz bin Abdullah who is also chairman of the fund’s board of trustees. The prince commended the role played by the Centenary Fund in the sustained development of the Kingdom.