His Royal Highness of Saudi Arabia Prince AbdulAziz bin Abdullah bin Abdulaziz has launched the Prince AbdulAziz International Prize for Entrepreneurship, a TC Global Initiative. The prize aims at celebrating entrepreneurs in the kingdom and worldwide by granting them awards and recognition. It targets entrepreneurs, mentors and young people with high profile projects and creative ideas from all over the world to compete for the awards. Registration will start from December 15, 2014 to February 28th, 2015.

The prize will rely on metrics and specific strategies to evaluate participants. The total value of the prizes will be one million Saudi riyals (around $266,000 USD) and all expenses will be covered by the event, including plane tickets, hotel accommodation, and transportation. This initiative aims at empowering entrepreneurship, developing creative and innovative ideas, encouraging the entrepreneurial spirit, developing leadership skills, honoring successful entrepreneurs and mentors, and sharing success stories.

The main five categories for the prize are:

• Best startup

• Best existing project

• Best entrepreneur

• Best mentor

• Award for young entrepreneurs

Entrepreneurs and mentors of all nationalities can participate by visiting the initiative's website. Nominations ends on February 28, 2015.