Entrepreneurship in the Kingdom of Saudi Arabia

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Young Saudi entrepreneurs to receive support

JEDDAH: FOUZIA KHAN

Wednesday 1 August 2012

The Institute of Entrepreneurship in Jeddah organized free training courses during the summer vacation for young Saudi Entrepreneurs with the aim to spread the culture of entrepreneurship and preparation of project plans to support the national entrepreneurship program.
Mohammed Al-Khalid, branch manager of the Institute of Entrepreneurship in Jeddah, said their main task is to continually promote the culture of self-employment through centers and youth clubs.
“The Institute’s program is for the implementation cycle of self-employment ‘select the idea of your business’ through briefings at the summer centers in Jeddah,” he said
He further pointed out that the program is designed to raise awareness of the importance of entrepreneurship and will be launched in secondary schools after the vacation. He also explained that the number of beneficiaries of the program have exceeded more than two thousand students and trainees.
“The main quest of the institute is to find ways to help young Saudis attain self-employment and help them in gaining self-confidence. In addition, we also help with procedures when they apply to the National Institute for Entrepreneurship. We want the youth to take an initiative in their self-employment instead of waiting for jobs, while finding halal (permissible by Islam) sources of income, through the funding of small and medium projects thereby helping to reduce unemployment,” he added.
The Institute of Entrepreneurship in Jeddah currently oversees 124 young Saudis who are supported by Saudi Banks.
The General Organization for Technical and Vocational Training, with the collaboration of SABIC, Saudi Aramco, Saudi Telecom (STC), Alinma Bank, and Saudi Bank for credit and savings, are the strategic partners of the Institute of Entrepreneurship, Jeddah.
They are partners with the institute in enabling and encouraging young Saudis to enter the labor market and enhance the practice of the self-employment project through their support of up to SR 300,000.
The institute also helps them to facilitate their procedures with relevant authorities and will give support for a full year after opening their projects.
Al-Khalid said that the small enterprises will be registered with the Human Resources Fund and will get SR 3000 monthly for their projects as support for two years.

http://www.arabnews.com/young-saudi-entrepreneurs-receive-support

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