Bab Rizq Jameel showcases successful Saudi projects

Bab Rizq Jameel (BRJ), an initiative of Abdul Latif Jameel Community Initiatives (ALJCI), took part in the Exhibition and Conference of Small and Medium Enterprises — Izdehar SME. The three-day event is being organized in Jeddah. The show is the first of its kind in the region that addresses small and medium enterprises. It is viewed as a gathering that provides a valuable opportunity for ambitious entrepreneurs, governmental organizations, finance and service companies and other stakeholders to network and deal within a flourishing business environment. BRJ’s participation included an exhibition that displays samples of successful projects financed by the small projects finance program. Sample projects were introduced by Saudi young males and females, and included projects for manufacturing of basic raw materials, travel and tourism projects and creative gold projects. Since 2003, BRJ has financed more than 23,000 projects. The opening program included a speech by Ibrahim Badawood, ALJCI executive director, titled “Doubling the size of small projects in the Kingdom.” During his speech, he highlighted the importance of small and medium size enterprises, and how they could contribute in the national economy. Ibrahim Badawood said the current initiatives, in spite of its importance, are not enough for the market, and that a specialized entity should exist to finance and support small and medium enterprises. In addition to persistence, training is highly important, said Badawood. Entrepreneurship needs training institutes to provide training to young people and show and qualify them how to start their small projects. Even after they start their projects, young people will need an entity to guide and help them to reach the market and the major companies, which in turn should encourage those young people through signing contracts with them. According to Badawood, a franchise system could be highly effective and could help in expanding such projects. Badawood commended the role of the Human Resources Development Fund in supporting the youth through being partially responsible for the cost of their employment. He also highlighted the importance of organizing the small and medium enterprises sector through cooperation with several organizations, such as SIMA, to support financiers and to detect finance seekers and owners of small projects. Izdehar SME will continue for three days, and will include an exhibition, a conference and a training seminar. Izdehar SME will seek to attract government support for the development of the small and medium enterprises, through creating a highly valuable platform for companies and organizations to network and interact. At the same time, Izdehar SME will provide a unique educational and communication platform for individuals and organizations interested in the development of small and medium enterprises. Source: ArabNews