Dubai-UAE/Beirut-Lebanon: 10 July, 2008 -The Mohammed bin Rashid Al Maktoum Foundation today announced plans to establish a new centre for Entrepreneurship and Innovation at the Olayan School of Business, American University of Beirut (AUB)American University of Beirut (AUB), Lebanon, as part of its continuous efforts to instill the spirit of entrepreneurship in the Arab world.

The Mohammed bin Rashid Al Maktoum Centre for Entrepreneurship and Innovation, aiming to serve as a regional nucleus for entrepreneurship research and knowledge dissemination in the Arab world, will be established in collaboration with AUBAUB with an endowment of AED18.3 million (nearly US$5 million).

A Memorandum of Understanding (MoU) was signed today in Beirut by Sultan Lootah, Vice President, Mohammed bin Rashid Al Maktoum Foundation - Employment and Entrepreneurship, and George K. Najjar, Dean of the Suliman S. Olayan School of Business at the American University of Beirut. The signing ceremony was attended by a significant gathering of high ranking officials from both sides, as well as by AUBAUB faculty members, noted businessmen and members of the media.

His Excellence Mohammed AlGergawi, Chairman of Mohammed bin Rashid Al Maktoum Foundation, said: "Established under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the centre will further his vision of facilitating synergetic knowledge creation and dissemination in all fields across the Arab world.

"The new centre complements the Foundation's strategy to promote Arab capabilities and provide enhanced opportunities for the Arab youth. We are confident the Foundation's partnership with AUBAUB's Olayan School of Business, as well as its alliances with key academic and business organisations across the Arab world, will prove instrumental in exploring and unleashing the untapped potential of youth in this part of the world."

Under the agreement, the Foundation and AUBAUB's Olayan School of Business will combine forces to support and develop entrepreneurship-related research, training material and expertise in the Arab world. Through the new centre, the Foundation and AUBAUB will also work towards enhancing regional business capabilities, leading to a better understanding of current and future entrepreneurial activity and challenges in the region.

Sultan Lootah said: "We are glad to join hands with a pioneering educational body that enjoys a long standing history of milestone achievements. We are confident the outstanding research competencies of the AUBAUB will significantly solidify our efforts to promote entrepreneurship as a strategic solution to the overwhelming problem of unemployment in the Arab world.

"Our agreement with AUBAUB underpins the Foundation's efforts to catalyze the development of a regional network for Arab entrepreneurs and nurture entrepreneurship as an effective alternative for sustainable economic development across the region."

The Mohammed bin Rashid Al Maktoum Centre for Entrepreneurship and Innovation will develop and provide research and training materials fostering entrepreneurship and innovation in the Arab World, thereby contributing to creating conditions conducive to furthering employment and supporting economic activity across the region. Additionally, it will conduct regional entrepreneurship studies to identify barriers to entrepreneurship that individuals, business leaders, corporations and governments can help alleviate.

The centre will also serve as a knowledge centre for e-students, entrepreneurs and policy-makers by providing entrepreneurship sector analysis, country analysis, profiling and policy recommendations, regular data surveys, as well as relevant business case studies.

Operating as an open source institution for its published output, the centre will offer access to its resources to eligible entrepreneurs, researchers and relevant stakeholders as determined through mutually agreed criteria set by the Foundation and the AUBAUB.

George K. Najjar said: "The Olayan School of Business at AUBAUB is profoundly grateful for this major vote of confidence from the Foundation, which proactively leads human development in the Arab World. We take this valuable opportunity with utmost seriousness and will do all we can to function as a major vehicle for achieving the worthy goals of the Foundation in promoting entrepreneurship know-how in our part of the world."

Aimed at promoting job growth and business creation in the region, the Foundation seeks to develop entrepreneurship programmes that facilitate business mentorship, expertise and services among successful and aspiring entrepreneurs. In developing a series of related programmes that support young businesses, the Foundation aims to assist emerging entrepreneurs to explore, identify and seize potential business opportunities across the Arab world.

As part of its efforts to support regional centres dedicated to advancing business education and supporting young enterprises, the Mohammed bin Rashid Al Maktoum Foundation recently signed key partnership agreements with a number of leading organisations and educational bodies across the Arab world including the Dubai-based Young Arab Leaders (YAL), Al Akhawayan University in Morocco, and the Palestine Information and Communications Technology Incubator (PICTI) in Palestine.

-Ends-

About the Mohammed bin Rashid Al Maktoum Foundation
The Mohammed bin Rashid Al Maktoum Foundation has been launched as a personal initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Announced by H.H. Sheikh Mohammed at the World Economic Forum on the Middle East 2007 in the Dead Sea, Jordan with an endowment of US $10 billion, the Foundation targets to develop the knowledge and human capabilities of the Arab world and introduce a future generation of thought leaders in the region. It aims to achieve its strategic objectives through a wide array of pioneering projects and programs in three main strategic areas: knowledge and education, culture, and entrepreneurship.

For more information, please visit www.mbrfoundation.ae , or contact:
Sultan Al Jesmi
Mohammed bin Rashid Al Maktoum Foundation
T: +9714 3175681
F: +9714 3293333
E: sultan.aljesmi@mbrfoundation.ae

Sadiq Jarrar
A'Sidrah Public Affairs
D: + 971 4 3642197
T: +971 4 364 2320
F: +971 4 3688004
E: Sadiq.Jarrar@asidrah.ae

© Press Release 2008

 

Community Comments (0) - Comment on this article

The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.

 

 

 

close x

Loading ...

 

close x

Report Abuse

Loading ...

 

 

close x

Loading ...