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RIYADH, Saudi Arabia : People-to-people exchange between Singapore and Saudi Arabia has been given a boost with the signing of a memorandum of understanding (MOU) between the charities of both countries on Tuesday.
It is expected to pave the way for an exchange of ideas that will eventually develop an entrepreneurial spirit among disadvantaged youth.
Minister Mentor Lee Kuan Yew, who is in Riyadh, and Saudi Prince Abdulaziz Abdullah, witnessed the signing ceremony.
Mr Lee, accompanied by government leaders and senior officials, received a grand welcome at the Royal Farm - located at the outskirts of Riyadh.
The agreement was signed between Saudi charity The Centennial Fund and Youth Business Singapore.
Youth Business Singapore is a pilot programme organised under the umbrella of Heartware Network, a youth charitable non-government organisation in Singapore.
It operates under the ambit of the Youth Business International, a programme of Prince Wales International Business Leaders Forum, with youth programmes in 40 countries across the world.
Under the MOU, Saudi expertise and know-how in working with young people will cross borders and help shape and develop an entrepreneurial culture among the youth in Singapore.
The programme aims to provide youth entrepreneurs with seed business loans and a mentoring programme with successful entrepreneurs.
Both Hesham A Tashkandi, who heads The Centennial Fund, and Raymond Huang of the Heartware Network are also keen for youth exchange programmes.
Youth Business Singapore plans to raise S$500,000 to fund its annual expenditure, including S$400,000 in business loans. It is also planning to set up a dedicated one-stop Youth Business Hub in Singapore.
The MOU signing event culminated in a traditional dance, the Saudi A'ardah, a fitting close to efforts to boost closer relations between Saudi Arabia and Singapore.
The event was organised by the group 'Friends of Saudi' which is aimed at building strong foundations of goodwill friendship and mutual understanding. - CNA/ms
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