Saudi GEA inaugurates international scholarship program for Saudi youth

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A international scholarship program offered by the Saudi General Entertainment Authority awaits Saudi youth. (AN file photo)
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Updated 05 July 2019

Saudi GEA inaugurates international scholarship program for Saudi youth

  • The program initiated by Saudi General Entertainment Authority in partnership with the Qiddiya Investment Co. is aimed at educating and training students in entertainment-related disciplines at some of the most prestigious universities in the world

JEDDAH: The Saudi General Entertainment Authority (GEA) has initiated an international scholarship program with the launch of its first batch of students.

The program, being run in partnership with the Qiddiya Investment Co. (QIC), is aimed at educating and training students in entertainment-related disciplines at some of the most prestigious universities in the world.

In the first wave, students will study for bachelor’s and master’s degrees at the University of Central Florida’s Rosen College, in Orlando, to give them the skills and knowledge necessary to meet the labor market trends of the Kingdom’s entertainment sector.

The initial program will also include on-the-job training for selected students at a Six Flags amusement park in the US, and QIC employment upon successful completion of the scheme. The program will enable QIC to achieve its goal of offering a significant portion of future job opportunities to Saudi nationals, with more than 25,000 roles expected to become available by 2030.

CEO of the GEA, Amr Banja, said: “This cooperative effort between the GEA and Qiddiya reiterates the GEA’s commitment toward developing the entertainment sector and empowering it through local talent.”

He added that the scholarship program sought to develop local content by adopting local expertise in a global perspective, in line with the Kingdom’s Vision 2030 reform plans for the sector.

Michael Reininger, CEO of QIC, said: “Our partnership with the GEA is an example of QIC’s concerted efforts to build and foster a new breed of skilled professionals that will service newly created sectors in the Kingdom and cultivate the human resources that will be instrumental in developing them to their full potential.

“We are proud of this partnership, and we look forward to welcoming the sponsored students back, upon completion of their degrees, to work at Qiddiya and apply their learning and experiences to real life scenarios and begin their journey of successful careers in this rapidly growing sector.”

To register for the program, visit https://www.gea.gov.sa/hr-development/qiddiya/  


G20 Young Entrepreneur’s Alliance Summit discusses role of entrepreneurs in time of crisis

Updated 3 min 22 sec ago

G20 Young Entrepreneur’s Alliance Summit discusses role of entrepreneurs in time of crisis

  • Adopting an ‘entrepreneurial mindset is becoming more vital than ever’

JEDDAH: Thursday’s G20 Young Entrepreneur’s Alliance (YEA) Summit focused heavily on the way in which numerous small businesses and entrepreneurs have successfully pivoted to adapt to the ongoing COVID-19 pandemic and shown that they can be valuable partners in keeping economies afloat.
The virtual event, which continues Friday, brought together thousands of business leaders and talented young entrepreneurs from across the world.
G20 YEA Saudi chair, Prince Fahad bin Mansour bin Nasser, told the audience, ”Our theme for this year is entrepreneurship as a source of innovation and resilience as we reflect on the challenges facing the world in the wake of the COVID-19 pandemic. It is clear that adopting an entrepreneurial mindset is becoming more vital than ever.”
He added: “Here in Saudi Arabia, we are blessed with outstanding infrastructure and the government’s support to help entrepreneurs bring their idea to life.”
According to a recent report commissioned by Monsha’at, 50 percent of working-age Saudi women and 30 percent of men are launching or running businesses that are less than 42 months old.
“As significant contributors to employment, these emerging SMEs are set to drive economic growth in the Kingdom,” Prince Fahad said. “Around 75 percent of these businesses reported having six or more employees. Saudi Arabia’s commitment to assisting SMEs has been enshrined as part of Vision 2030, the Kingdom’s ambitious roadmap.”
He pointed out that Saudi Arabia aims to increase the contribution of SMEs to the national GDP from 20 to 35 percent over the coming decade.
“Saudi Arabia is enabling 100 Saudi companies to compete on the regional and global levels as a means to stimulate the entrepreneurship landscape and provide new opportunities for the sector,” he said.

HIGHLIGHT

The YEA is a group of organizations from across the jurisdiction of the G20 that promote youth entrepreneurship as a driver of economic renewal, job creation, innovation and social change.

The director of the innovation and entrepreneurship sector at the Ministry of Investment, Dr. Mazin Al-Zaidi, said that the most important thing for entrepreneurs is the number, and potential value of, opportunities.
“I believe we in Saudi Arabia have the largest opportunity for any entrepreneur. It is very easy to set up an opportunity in Saudi Arabia. Any foreign entrepreneur can obtain a license in less than three hours, with a 100 percent ownership, for only $500,” Al-Zaidi said.
For his part, Armen Ovanessof, principal director at Accenture Research, shed light on what the future might hold and what other uncertainties may lie ahead, stressing that the world will need “vision, agility and collaborative spirit” to build a better future.
Saudi Venture Capital Company CEO Dr. Nabil Koshak said: “Vision 2030 has highlighted the importance of entrepreneurship in economic and social transformation. We have seen innovative products and service solutions. The government and the local authorities have been working on updating and changing the regulatory environment to be more friendly to entrepreneurs, startups and investors.”
The vice governor of entrepreneurship advancement at the General Authority for Small and Medium Enterprises (Monsha’at), Esam Al-Thukair, explained why he believes that fostering entrepreneurship is important.
“It is important for two main reasons: It is the most job generating industry and it has become a more significant GDP contributor than ever,” he said.