(MENAFN - Arab News) The Royal Commission in Yanbu (RCY) has launched a new business and technology center in Yanbu to care for small and medium enterprises (SMEs) and encourage owners of innovative ideas to transfer their ideas into practical projects.
The center of business and technology incubators (CBTI) expressed readiness to extend technical support to such projects in the form of consultancy services, feasibility studies, incubation of projects with all required services at the CBTI located at Yanbu Technical Institute.
The CBTI will support small projects based on new and applicable ideas which will meet labor market needs, head of the CBTI Hisham Ahmed Azzam was quoted by Saudi Press Agency as saying.
He said the CBTI will undertake training programs funded by the National Commercial Bank (NCB) and the chamber of commerce and industry in Yanbu as partners of the CBTI. The programs include 14-day intensive workshops followed by a three-month technical consultancy period, he said.
The CBTI center is geared at providing business planning, feasibility studies, workshops, labs, sales and funding strategies, accountancy services and company registration services, he noted. It will also provide a variety of services to owners of the incubated projects such as furnished business centers, secretariat work, meeting rooms equipped with presentation tools and help for them to obtain loans and fund facilities from different financing sources, in addition to providing the possibility of exploiting technical workshops at the Yanbu Technical Institute.
Initiators of the projects will also receive other technical and consultancy services in areas related to business administration, sales, accounting, legal affairs and training on a continuous basis in the form of symposiums, courses and communication with other business and media networks thanks to the participation of the center at local and international events, he pointed out.