The newly established Centennial Fund (CF), which has announced grants to 16 projects, is looking beyond providing financial support to grooming young men and womento become dynamic entrepreneurs who can contribute to the Saudi economy over the coming decades, a Fund official said.
Hisham A. Tashkandi, CF's general manager said the total amount to be granted for 30-odd projects including 16 in the pilot program would be around SR5 million.
In the first phase, which is a CF's pilot program, a total of 12 men and four women between 18 and 35 years of age have been awarded funding to start their own projects in a variety of sectors, he said.
Out of 15,000 application forms distributed, CF has received a total of 3,694 applications from young Saudis including 744 women, who completed the forms correctly.
He said 100 candidates were short listed for interviews. Upon further screening a total of 39 including 12 women and 27 men, who scored 100 percent marks, were called for the interview.
Within the next 10 days to three weeks the CF will announce the second and final list of candidates to start self-employment projects.
In a ceremony hosted by the Saudi Arabian General Investment Authority (SAGIA) last week, Prince Abdul Aziz Bin Abdullah Bin Abdul Aziz, adviser to Crown Prince Abdullah Bin Abdul-Aziz, President of CF's Board of Trustees has awarded the 16 winners the initial installment of the grants.
Amr Al-Dabbagh, SAGIA s secretary-general, was also present.
