Prince Abdulaziz bin Abdullah bin Abdulaziz, Advisor to the King, President of the One Hundred-Fund and the Chairman of the Fund's Board of Trustees announced the launching of a new initiative to provide SR150 million as an additional support for the Fund, noting that the initiative aims to support male and female youths to set up private businesses to serve transfromative industries in the Kingdom.
In his speech, marking the ceremony of the launching of the Fund's initiative for inventors, organized by the General Authority of Investment, he thanked Prince Saud bin Abdullah bin Thinayyan Al Saud, Chairman of the Royal Commission of Jubail and Yanbu and Chairman of the Board of Directors of the Saudi Basic Industries Corporation (SABIC), for the corporation's donation of SR80 million to the Fund, which is considered the largest cash donation from one company in the private sector.
Prince Abdulaziz bin Abdullah bin Abdulaziz received a check for the donated sum of SR80 million from Prince Saud bin Abdullah bin Thinayyan Al Saud.
Then Prince Abdulaziz bin Abdullah bin Abdulaziz signed a memorandum of understanding with the Chairman of the Board of Directors of National Commercial Bank, Abdullah Bahamdan, in which the Bank provides credit means and lines with a sum of SR70 million for the Fund, in accordance with the rules of Islamic Sharia.
