28 DEC 2017, Press releases
In the presence of H.R.H Prince Mishaal Bin Majid Bin Abdulaziz Al Saud
Riyali Signs MOU with Majid Society to Empower Saudi Entrepreneurs
In the presence of H.R.H Prince Mishaal Bin Majid Bin Abdulaziz Al Saud the governor of Jeddah, “Riyali” Program provided by SEDCO Holding Group, have signed an agreement with The Society of Majid Bin Abdulaziz for Development and Social Services (Majid Society). The agreement mandates young Saudi entrepreneurs to register in “Rowad Riyali” adopted by Majid Society to receive loans for their SMEs (Small and Medium Enterprises).
The agreement was signed by Mr. Anees Ahmed Moumina, SEDCO Holding Group CEO and Mr. Hammam Zarea, Majid Society GM.. Under the program it is mandatory requirement for applicants to register and successfully complete the Riyali program, to receive financial funding from Majed Society.
The agreement terms complements the Saudi Vision 2030, by expanding the landscape for SMEs, preparing entrepreneurs for the work environment, developing human capital capabilities to match the market requirements and increase employment rates. It includes exchanging experiences, knowledge, and practical business operations at SEDCO Holding Group along its volunteering works by reaching to a million members in the non-profit sector, yearly.
We hope that this collaboration will be of added value for the ambitious Saudi youth who aspire to achieve the nation’s strategy of diversifying income sources within the Saudi economy. We are proud of this partnership with Majid Society to empower “Rowad Riyali” program and achieve its goal of consolidating the financial literacy and culture while contributing to increase the number of successful SMEs which will support the national economy and the Kingdom’s vision”, Moumina stated.
From Majid Society, Zarea asserted “This collaboration is a model of companies cooperating in different sectors to achieve the Saudi Vision 2030. Throughout the challenges that Saudi entrepreneurs face, we realized the need for financial awareness as well as fundamental knowledge of financial literacy. The program has been created specifically for entrepreneurs interested in gaining the proper knowledge on how to manage the finances of their new projects, in addition to picking up pragmatic learnings from SEDCO Holding’s expert volunteers to help entrepreneurs develop their projects and ensure its success.”
“Rowad Riyali” program aims to improve financial literacy and economic culture between entrepreneurs. It also offers a complete curriculum which sheds light on the basic principles of financial management, financing, accounting, P&L accounts, balance sheets, cash flow statements, Islamic banking, and discovering the indicators of success in the business world. The program also offers feasibility studies and how to determine the price structure of products and services.