In cooperation with SAGIA Centennial Fund awards grants to support investment projects

The winning project concepts are the first to be chosen amongst others to be announced in the coming weeks.

In a ceremony hosted by the Saudi Arabian General Investment Authority (SAGIA) yesterday, the 16 winners received their initial installment of the grants from his Royal Highness Prince Abdul Aziz bin Abdullah bin Abdul Aziz, advisor to his Royal Highness the Crown Prince, President of the Board of Trustees of the Centennial Fund. His Excellency, Mr. Amr Al-Dabbagh also attended the ceremony.

In part of the support that the Fund extends to the recipients is the availability of seasoned mentors who will work alongside the project owners in order to assist them in the various phases of their project implementation. The recipients will also receive appropriate training in areas consistent with the needs of their projects.

His Royal Highness commented, 'The establishment of the Fund was made possible because of His Royal Highness the Crown Prince's personal attention and concern for Saudi youth and for matters relating to their development.'

The recipients, aged between 18 and 35, were selected in part because of their personal passion for excellence and have demonstrated effective organizational skills, business acumen and an overall ability to bring together the array of elements necessary to succeed in their projects.

His Royal Highness added that best-in-class policies and regulations governing the Fund will be developed in order to accommodate and support the hundreds of new project applications in the phase after the end of this trial.

His Royal Highness extended his gratitude to the individuals and companies who have financially supported the Fund, adding a note of appreciation to the many government agencies and in particular to the Jeddah Chamber of Commerce. To those who have given their time and expertise to the projects, he urged their continued support and expert assistance to young Saudi men and women nationwide and to focus attention to those in smaller cities around the Kingdom.

His Royal Highness outlined the four main areas in which the Fund will support prospective grant recipients:
1.Advisory services
2.Skills development and training
3.Technical and administrative support services
4.Financial backing

On the same occasion, a Memorandum of Understanding (MoU) was signed between the Centennial Fund and SAGIA, allowing the latter to represent the interests of the winning candidates in the completion of all regulatory procedures. The MoU will underline future cooperation between the two bodies to assist in the implementation of projects that are important in the development of small industries to create jobs for young Saudi men and women and self-employment opportunities for grant recipients.