Competition organised by the Mohammed Bin Rashid Establishment for SME Development supported by du and held in collaboration with the Dubai Mall
Dubai, March 27th, 2010: The Mohammed Bin Rashid Establishment for SME Development, part of the Department of Economic Development, today announced that more than 1,500 ambitious young industrialists submitted their application forms for the Young Entrepreneur Competition 2010 (YEC), which is organized Under the Patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and is supported by du as the main sponsor.
MBRE will collaborate with the Dubai Mall for the second year to organise an exhibition where students can display their products and ideas from 31st March - 3rd April 2010. Participating projects will be assessed based on different standards, marking the students' first step towards becoming a part of the small and medium business sector. As the main sponsor, du will be setting up four kiosks offering a chance to University students to get a first-hand experience of retailing telecom products and services to visitors at the exhibition.
A jury of specialists from the Mohammed Bin Rashid Establishment for SME Development, Knowledge and Human Development Authority, the UAE Ministry of Education, SS Lootah and Aswaq will evaluate the projects and select the winners according to creativity, innovation, marketing and profitability standards. Winners will be recognized in later time.
His Excellency Abdul Baset al Janahi, CEO of MBRE for SME Development said: "The overwhelming response to the YEC 2010 is a great sign that the contest successfully reached young people from all different age categories. This comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to support the development of the small and medium businesses sector, which now accounts for 98.5% of the registered businesses in Dubai."
"By addressing one of the most crucial segments of the society - the youth, who are our future business leaders - YEC encourages creativity in students and encourages them to participate in supporting the economic growth in Dubai. The event provides a competitive environment, which educates students on the basic principles of starting and operating a private business, and inspires them to become entrepreneurs by creating a simple entrepreneurial environment," he added.
Hala Badri, EVP Brand and Communications, du, said: "We are honoured to be a part of this key initiative. As a UAE national company, we identify and encourage promising young talents to realise their potential and become business leaders of tomorrow. We hope that our efforts in offering retail sales experience to students at the exhibition will equip them with essential work skills."
Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: "The Young Entrepreneur Competition is a prestigious and tremendously valuable initiative that promotes a robust business outlook among enterprising youngsters. Dubai's success is marked by innovative entrepreneurship, and by offering youngsters the incentive to fulfill their dreams, the Awards set the base for powerful business ventures in the future. The Dubai Mall is honoured to once again support the future leaders of this nation at the Young Entrepreneur Competition, which will reach out to tens of thousands of mall visitors."
Since its inception in 2005, YEC has succeeded in encouraging entrepreneurial spirit within youngsters from high schools and universities across the UAE. The contest also conveyed the concept of small and medium enterprises and business environments to the younger generation. The large and growing turnout at the competition reflects that it has effectively succeeded in preparing young business leaders. The number of participants at YEC has increased from 84 in the first launch of the competition to reach 700 participants 2010.
For further information, please visit www.yec.ae
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About Mohammed Bin Rashid Establishment for Small and Medium for SME Development:
In September 2009, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai issued Law No.23 of 2009 concerning the Mohammed Bin Rashid Establishment for SME Development, one of the Department of Economic Development establishments, recently renamed the Mohammed Bin Rashid Establishment for Young Business Leaders. The new law confirms the commitment of Dubai Government to support the development of SMEs sector.
The law defines the goals and responsibilities of the establishment. Given that SMEs include 98.5% of registered business in Dubai, with 61% of the work force working in this sector. The law aims to strengthen Dubai's position as a centre for entrepreneurship and enterprise development based on innovation and intellectual property.
About the Young Entrepreneurs Competition 2010
Under the patronage of H. H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, the Mohammed Bin Rashid Est. for Small & Medium Enterprises Development launched the Young Entrepreneur Competition 2010 in its 6th Edition. The four day event brings together students from different private and public High schools, Colleges & Universities across the UAE, who will set up their stands and sell their products in a competitive environment. The competition aims at educating students on the basic principles of starting and operating a private business, and to inspire the students to become entrepreneurs in the future by creating a simple entrepreneurial environment.
About du
du, the integrated telecom service provider in the UAE, launched mobile telecommunication services in February 2007 across the UAE, in addition to internet and pay TV services that du provides in some of the free zones of Dubai. Call Select, du's nationwide fixed line services for voice telephony, was launched in July 2007. By the end of 2008, over 3 million people in the UAE chose to become du customers.
Among du's many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind 'WoW' recharge card (which offers customers the choice between more credit, more time and now 'more international' recharge option with additional credit on international calls) and Self Care.
For business customers, du business offers include Closed Business User Group and preferred International Destinations. du Broadcast Services division brings scalable media technology platforms and telecommunication solutions to the broadcast community through its world class teleport (Samacom) and Master Control Room (MCR) facilities.
du products and services for consumers and business are available through du's retail network, currently numbering 33 du shops located in strategic locations across the UAE, more than 3000 authorized dealers Or through du e-shop, accessible at http://www.du.ae/en/where-to-buy/eshop.html. du shops are a one stop shop for mobile service, carrier select and the payment of the service bills.
du is 39.5 percent owned by the UAE Federal Government, 19.75 percent by Mubadala Development Company, 19.5 percent by Emirates Communications & Technology Company LLC and the remaining stake by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.
Awards to date
• du presented with an award for Best Middle Eastern Local Currency Deal 2008 by UK's EuroWeek
• du won two prestigious awards at UAE Web Awards 2008. du e-shop portal won the best strategic online portal award in the e-commerce category and du media club website won the bronze award in the media and press category.
• du corporate brand launch campaign awarded a Cristal MENA award in 2008
• du declared 'Best Brand' at Telecoms World Awards Middle East 2007 for innovative branding and outstanding brand success
• Second place in the New Brand Launch category at the GMR Effectiveness in Marketing Awards 2007
• Silver Award for the best website in the ICT category at the UAE Web Awards 2007
• du WoW TV Commercial awarded amongst the best 50 TV commercials in mobile telecom category in the world for 2007
For more information, please contact:
Nizar Aridi, Wafa Yehia
ASDA'A Burson-Marsteller
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
E-mail: n.alasaad@asdaa.com / n.aridi@asdaa.com
© Press Release 2010
