As part of the King Abdullah II Fund for Development’s (KAFD) ongoing efforts to support entrepreneurship—and in response to the priorities of the Economic Modernization Vision under the growth drivers of entrepreneurship and innovation—the Fund signed support agreements with 12 entrepreneurial projects selected under the Riyada Program, in preparation for their implementation.
The KAFD’s Director General, Dr. Samer Al-Mufleh, signed the support agreements with the project owners. Under the deals, KAFD will provide both financial and technical support to entrepreneurial projects across the Kingdom’s various governorates. The program is considered one of the KAFD’s flagship initiatives to support productive entrepreneurial ventures in the governorates, focusing on empowering entrepreneurs to transform their ideas into sustainable projects capable of growth and of creating real job opportunities with tangible economic and social impact, in alignment with the priorities of the Economic Modernization Vision.
The supported projects are concentrated in three main sectors: three projects in environment, agriculture, and food; four in technology and the Fourth Industrial Revolution; and five in the sectors of tourism and services. This distribution reflects the diversity of the supported initiatives and strengthens cross-sectoral integration.
The supported ventures span a range of themes. For example, in Karak Governorate, a digital agricultural project has received support to establish a smart farm aimed at exporting products. In Zarqa Governorate, support was extended to an innovative project that converts carbon dioxide emissions from factories into solid organic fertilizer. In Ajloun Governorate, a project will be implemented to establish an adventure park to enhance adventure tourism in the governorate.
As part of a comprehensive evaluation methodology, applications have undergone a series of successive assessment stages, including administrative screening and technical evaluation through the dedicated electronic application system, followed by assessments conducted by external, sector-specific technical advisory committees. This process has seen the qualification of 60 projects— 20 per sector—that, as a result, advanced to personal interviews, in addition to field visits to some existing projects. These steps contributed to enhancing transparency, ensuring equal opportunities, and unifying evaluation standards.
Upon completion of the program, it is expected that operational companies generating income for beneficiaries will be established, contributing to the creation of suitable job opportunities for this entrepreneurial segment of youth in the governorates, strengthening sectoral integration, supporting the national economy, and achieving a tangible economic and social impact.