HRDF, SEDI and Al-Falak to train young Saudi entrepreneurs in business start-up strategies in Eastern Province

The programme aims to encourage young nationals to start new businesses in the country's Eastern Province.

'The active participation of a country's youth in the development of its economy is crucial to national prosperity. Saudi Arabia has a very rich talent pool of highly educated and skilled graduates, who can bring fresh ideas and enthusiasm to start-up businesses. All that is required is a focused training on dealing with the operational, financial and market realities of such a venture,' explained Ahmed Ali Ashadawi, President and CEO, Al-Falak. 'Along with its partners, Al-Falak aims to provide this training, as well as post start-up support, to ensure the growth of important market segment.'

According to the agreement signed between HRDF, SEDI and Al Falak, the training programme will help young Saudis to identify business opportunities; develop Business plans; and launch their own Small Enterprises.
The program is based on the United Nations Industrial Development Organization's (UNIDO) scientifically tested tools and methods. The duration of the program is 5 weeks followed by 6 months of consulting to facilitate enterprise launching. The program will provide linkages for licensing, finance, access to technology and other services.

The programme will address Saudi men and women interested in starting their own business. The programme intake will be limited to 30 trainees to ensure quality interaction between participants and trainers. The selection of participants will be through psychological tests and a specialized interview process. The programme will help the participants identify their business idea and will assist them through the preparation of a feasibility report. SEDI has a database of 200 business opportunities in the Kingdom developed through extensive market research. These are business investment opportunities exclusive to the Kingdom.

As a follow-up measure, the participants will be offered consultation by SEDI to start new businesses. According to the agreement, SEDI will organize the training programme, HRDF will subsidize the cost and Al-Falak will provide facilities to conduct the actual training. The programme will be held from March 12 to April 13, 2005 in Al Khobar.