Madinah governor to launch landmark endowment project
Madinah Gov. Prince Faisal bin Salman will launch a major endowment project on Monday during a ceremony at Taibah University. The project is expected to play a significant role in boosting the region’s economic and social development in the coming years.
“This endowment project aims at the economic and social development of the region through a partnership between the governorate and a number of government departments,” said a governorate source.
The project’s partners include the Finance Ministry, Saudi Credit Bank, Madinah Mayoralty, Labor Ministry, Takaful Holding Company, the Human Resource Development Fund, Madinah Development Authority, Commerce and Industry Ministry, Saudi Industrial Property Authority and the Islamic Development Bank.
The project’s executive wing “Nama Madinah,” which is a nonprofit organization, will support small and medium enterprises (SMEs), which is one of the vital economic sectors in the Kingdom. SMEs play an important role in creating jobs for Saudis and boosting the country’s economy. It also expands international trade and strengthens the spirit of business initiatives. SMEs account for 90 percent of business firms registered with the Ministry of Commerce and Industry.
During the ceremony, Nama Madinah will announce a number of initiatives to support SMEs, including an industrial city. It will also support a retail sales program and another program to promote Madinah industries. It will organize workshops to develop the creative and productive capabilities of women in Madinah.
Nama Madinah will establish a comprehensive service center to provide government and consultancy services to companies and SMEs through a unified platform that will bring together the offices of all relevant departments under one roof in public interest.
“This is one of the leading projects being implemented by the government for the people of Madinah through nonprofit organizations,” said the source, adding that it would provide consultation and financial and logistical support to SMEs.
Ahmed Al-Mahayeri, CEO of Nama Madinah, commended Prince Faisal for his support to economic projects and initiatives aimed at accelerating the region’s overall development.
“Prince Faisal’s launching of the endowment project and Nama Madinah reflects the government’s continuous endeavors to boost the progress and prosperity of Madinah region and its people,” he said. Nama Madinah would contribute to social and economic development of the region by supporting SMEs, he added.