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RAKISA Holding and impaQta sign agreement to launch 100 K Award in Hail |
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9/19/2006 8:59:58 AM |
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 RAKISA Holding, the lead developer of the Prince AbdulAziz bin Mousaed Economic City in Hail in Saudi Arabia, has announced the signing of an agreement with impaQta Management Advisory Services to launch the Entrepreneurial Business Plan Award Program initiative aimed at developing a pool of young entrepreneurs and boosting investment in Hail and in the Kingdom of Saudi Arabia.
The agreement was signed between Abdullah Al-Rakhis, Chairman of the Board of Directors of RAKISA Holding, and Rashad Kanbar, Chairman of impaQta. The agreement was endorsed by H.R.H. Prince Saud bin Abdulmohsen Al Saud, Prince of Hail and Chairman of the Higher Commission for the Development of Hail, and Dr. Salim Al Malik, of the Saudi Arabian General Investment Authority (SAGIA).
Under the terms of the agreement, impaQta will assist RAKISA Holding in organizing and setting the technical requirements of the 100 K Award and providing support in the formulation and administration of the judging panel through coordination of the business plans evaluation process. Furthermore, impaQta will supervise the screening and short-listing of candidates and coordinate their technical evaluation to select the finalists.
The 100 K Award is launched with the purpose of integrating young talents in the region with the mega economic development trends that Hail is set to witness with the introduction of the Economic City, and provide them with the opportunity to effectively contribute to the growth and development of Hail and the Kingdom. The award is open for participation to university students and graduates below 30 years of age.
Engineer Abdullah Al-Rakhis said, “In partnering with impaQta to launch the 100 K Award, we take another step towards developing an entrepreneurial spirit and generating a robust investment culture that will lead to the all-round development of Hail. The award will basically serve as a platform for outstanding young talents to showcase their business ideas and plans.”
Mr. Rashad Kanbar of impaQta said, “The Entrepreneurial Business Plan Award Program paves the way for the creation of a dynamic environment that encourages creative ideas that drive investment success in the region with the development of the economic city in hail. impaQta will leverage its considerable experience in knowledge integration and management to ensure that this initiative achieves its stated objectives.”
The 100 K Award invites participants to submit professional business plans, which will be evaluated by a panel of experts to select the best plans. The owner of the winning plan will be awarded a sum of SR (Saudi Riyal) 100,000, while the second and third winners will receive SR 50,000 and SR 30,000 respectively. RAKISA and impaQta will work to ensure that the winners get to present their business plans to a number of leading investors in order to facilitate the adoption of their ideas and thereby support the winners as they take their first steps in the field of investments.
“This outstanding initiative provides participants the opportunity not only to win attractive rewards but to actually take their first steps into the professional world of investments. Through the Business Plan Award Program, we reiterate our commitment to the development of Hail,” Mr. Al-Rakhis concluded.
About RAKISA
Over the last 13 years, RAKISA Holding Company has invested in a number of telecommunications and infrastructure projects throughout Saudi Arabia and neighbouring GCC countries. RAKISA believes in leading investment consortia comprised of Saudi and foreign investors who bring value-added input. Through its various investments, RAKISA has helped create 60,000 job opportunities, generate revenues in excess of SR 22 billion (US$5.8 billion), as well as manage assets in excess of SR 5 billion (US$1.3 billion). RAKISA is also the consortium leader for the recently announced Prince AbdulAziz bin Mousaed Economic City in Hail, KSA.
About SAGIA (Saudi Arabian General Investment Authority)
SAGIA is the gateway to investment in Saudi Arabia. SAGIA’s mission is to create a pro-business environment, provide comprehensive services to investors and foster investment opportunities in energy, transportation and knowledge-based industries.
SAGIA was created by the Government of Saudi Arabia in April 2000, when it announced a new Foreign Investment Law. SAGIA has since been actively working with the government and other agencies toward a Saudi development vision for the 21st century.
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