Al-Othaim to Entrepreneurs: “Endowment Funds” Ensure Sustainability for Many Years
The Chairman of the Board of Directors of Al-Othaim Holding Company, Abdullah Al-Othaim, stressed the importance of entrepreneurs' belief in the principle of endowments, and commitment to the theory of prioritization, and the need for young entrepreneurs to pay attention to investing in profits and income achieved and re-spending them on developing investment activity, expansion and growth in business, stressing that young entrepreneurs should not care about appearances or spending on non-investment aspects, especially in their early stages. Al-Othaim said during the "My Experience" program organized by the Asharqia Chamber represented by the Business Youth Council on the evening of Tuesday, October 22, 2024, and managed by the Chairman of the Eastern Business Youth Council, Abdulrahman bin Abdul Mohsen Al-Afaleq, that entrepreneurs must seek continuous training and development in the field of work, and continuously review similar experiences, in light of the huge amount of opportunities in the market today, in addition to being more keen to obtain expertise and advice from those with successful experiences, in addition to creativity and innovation in investment, and gradual progress in business with the least possible risk. Al-Othaim pointed out the importance of correct investment, through investment funds in portfolios, or conducting business by standing at the head of the business, and not leaving it to depend on others, and taking it seriously and continuously following up on investment activity, and not paying attention to illusions by investing through others.
He talked about his beginnings, especially the stages of formation and work, and the development in investment, and the most prominent challenges and achievements in his life, leading to the successes he is experiencing at the present time, in a meeting attended by the Chairman of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, with the participation of a large number of business sector, interested parties and media professionals, indicating that luck played a major role in his life, as is the case with his generation who witnessed the first boom in the Kingdom, which witnessed the golden stage after the discovery of oil, and the diversity of opportunities during that period. Al-Othaim touched on the importance of young businessmen believing in establishing endowments, especially endowment portfolios, due to their positive returns on their work by continuing and achieving its sustainability, noting that they guarantee the complete sustainability of the endowment for many years, in addition to the positive returns on it in terms of ease and flexibility in collection, and then spending on the aspects of the endowment deed, through the organization proposed by the General Authority for Endowments, and the follow-up and regulatory procedures for that, especially the offspring portfolios that are spent on offspring as salaries for future generations, and the charitable portfolios that are spent on charitable and development works. In the same context, Al-Othaim said that another procedure that leads to business sustainability, which is listing on the stock market, is considered the ideal solution for family businesses, to have clear governance, and to provide the opportunity for future generations to dispose of their own shares, in addition to ensuring the correct administrative process and sustainability for organizations, which helps business growth, while joint-stock companies are considered partial and temporary solutions. During the meeting, the Chairman of the Eastern Province Youth Business Council, Abdulrahman bin Abdulmohsen Al-Afaleq, said: The Council has a growing role in developing future entrepreneurs from the region’s sons, by monitoring their experiences, ideas and innovations to embody them in investment projects with added value in the national economy. Al-Afaleq explained that the Council has achieved many accomplishments over the past years in serving the youth business sector, by enriching their economic knowledge and increasing their skills in self-employment. This meeting comes within a series of meetings of the “My Experience” program from the Youth Business Council, through which we aim to host businessmen and executives in the business community to review their practical experiences and CVs in front of young entrepreneurs to inspire them and benefit from their expertise and experiences.
