A Saudi Arabian Prince has fostered partnerships between government agencies and private entities to ensure implementation of SME-related projects in the Madinah region.
HRH Prince Faisal Bin Salman, Governor of Madinah, launched Namaa Al Munawara at a recent event at Taibah University. The non-profit organisation will serve as the implementation arm of the previously established SME-related initiative, Al Munawara Endowment.
Serving as a SAR 1 billion worth implementation project of Al Munawara Endowment – known also as Waqf Al Munawara – Namaa Al Munawara will support entrepreneurs from start to finish.
HRH Prince Faisal bin Salman said at the launch event: “Al Madinah aims at strengthening socio-economic sustainability, given that it falls in line with Saudi Arabia’s developmental renaissance, under the leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz and HRH Crown Prince Salman bin Abdulaziz.
“Waqf Al Munawara was established to reinforce this vision of development, with Namaa Al Munawara being its implementation arm.
“Given that implementation is usually considered one of the most challenging stages, we will ensure that the citizens of Madinah will feel Namaa Al Munawara’s positive impact in the first quarter of next year, through our continuous follow-up and dedication to the organisation’s activities.”
With the headquarters spreading over 20,750 square meters, Namaa Al Munawara will act as a “one Stop Shop” for all SME needs, simplifying official procedures and connecting them with various government entities and private institutions.
Furthermore, it will include ‘Female Creativity Labs’ and the ‘Design Academy’ to empower the women of Al Madinah and raise the standards of their craft-making products to international levels.
It will also provide designated work areas, sale points, workshops, lecture halls, interactive showrooms for ‘Madinah Made’ products, offices for Namaa’s success partners and the Saudi Arabian General Investment Authority (SAGIA), and an art gallery to exhibit Madinah’s heritage and modern history.
In addition, Al Munawara Oases will serve as a retail channel for the ‘Madinah Made’ products while Al Munawara Industrial City, established in partnership with the Saudi Industrial Property Authority, is aimed at creating job opportunities for the Saudi youth.
The industrial city will have comprised 100 medium-sized factories over the next four years, 28 of which will be ready within the next 12 months.
Several government agencies, such as Saudi Credits and Savings Bank, Al Madinah Municipality, or Human Resources Development Fund, and the leaders from the private sector, including Saudi Aramco and Bin Laden Group, have contributed to the success of Namaa Al Munawara.
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