Bahraini businessman Farouk Almoayyed is launching a new centre that aims to support young job-seekers by offering essential tools that can transform them into successful entrepreneurs and business owners.

The "Farouk Almoayyed SME Development Centre" will be a business incubator catered to hold up to 20 offices or shops. It will host young entrepreneurs and will help them transform their ideas, innovations and talents into successful businesses, reported the Gulf Daily News, our sister publication.

"We are committed to supporting Bahrain's economy by empowering small and medium enterprises (SMEs) since they are the very core of the economy representing around 80 per cent of the market," Almoayyed said.

"On this basis, we are always working to strengthen the economic infrastructure, which is represented by SMEs, to provide the appropriate atmosphere to ensure the success of these institutions over the long term".

"The management of the centre will be handed over to the Bahrain SME Development Society, which is already working on similar goals and aims to support Bahrain's Economic Vision 2030," he said.

Bahrain Small and Medium Enterprises Development Society chairman Ahmed Subbah Al Saloom thanked Almoayyed for his trust in the society's management of the centre.

"The society will develop the centre to international standards taking into consideration that the society will assign a special committee, starting from October 1, this year for the selection of commercial activities that will be adopted by the centre provided that they are institutions of distinctive business nature and regional or international expansion plans, with the purpose of bridging the gap between demand and supply within the local market.

"The honorary chairman of the society Mr Almoayyed aims through this initiative to create an environment that enables youth to utilise their skills and get the chance to create their successful businesses.

"The centre will give them the opportunity to launch and manage their own businesses," he said.

Al Saloom said that Almoayyed's CSR initiatives cater to supporting others in realising their dreams and become successful.

"It is great to be a successful businessman, but it is much better if you help others to become successful too."

The centre will include 20 offices that can incubate 20 new projects every six months. It will help small businesses to cut down their costs, because commercial real estate office prices are very high and many entrepreneurs cannot afford renting.

The centre will provide a special environment to help these projects grow by offering them dedicated services to ensure their sustainability especially during the first stage of the business, which is considered crucial to the survival of any business. – TradeArabia News Service