Wednesday, 10 January 2007

JEDDAH: Students with extraordinary entrepreneurial skills will be awarded with a cash prize and sent to London Business School for training. This was announced here Tuesday by Jeddah Economic Forum Chairman Sami F. Bahrawi and Al Baik Food Systems CEO Rami S. Abu-Ghazaleh. The two signed an agreement in this regard.

Addressing the media, Bahrawi said, "The winner of the JEF Collegiate Business Venture Award will receive a cash prize of SR40,000 and an all expenses paid one week course in Business Development at the London Business School."

The award is open to all students, irrespective of their nationalities. "The only condition is they should be enrolled as students in any of the 20 universities and colleges listed by us," Bahrawi said. The award is open for students in nine Gulf and Arab countries.

This prestigious award targets students in order to establish entrepreneurial training as a new discipline that will ultimately benefit both the public and private sectors in the region and create recognition of entrepreneurship as a dynamic factor in economic growth.

"The JEF Collegiate Business Venture Award is a unique initiative," said Bahrawi. "The award demonstrates our care and concern for the development of talent among the region's students so that they may become our future business leaders."

As an exclusive partner, Abu-Ghazaleh commented on behalf of Al Baik, "This agreement is a long-term investment for the youth of the region. We are confident that there is a lot of hidden potential and that this award will unlock and evoke the students' innovation and creativity in various business management fields."

The objective of this first of its kind student-oriented initiative is to encourage entrepreneurship and promote business education among male and female students; opening up to an unlimited range of career opportunities.

The JEF Collegiate Business Venture Award is open to all junior and senior level students in local and regional colleges and universities including King Abdulaziz University, Effat College, Dar Al-Hekma College, CBA and King Fahad University for Petroleum and Minerals (KFUPM). The winner will also be enrolled in an intensive one-week training program at London Business School, the Forum's Academic Partner and one of the top ten Business Schools in the world, and a two-week training program at Al Baik.  Undergraduate students will have the opportunity to develop and present a business plan for an existing or a virtual proven local service concept that can be successfully expanded nationally and regionally. Vehicles of expansion of such a concept shall be either through company owned outlets, franchising, or through joint ventures. Students are expected to explain why they chose one method over others. All entries will be evaluated according to the highest standards by a preliminary judging panel provided by JEF, including JCCI officials, business leaders and academicians.

Organized by Jeddah Marketing Board, a department of Jeddah Chamber of Commerce and Industry (JCCI), Jeddah Economic Forum is now firmly established as a prestigious annual fixture in the calendar of international events.

The JEF this year is expected to attract more than 2000 delegates from around the world. The event will feature a roster of distinguished speakers and attendees including global leaders, international decision-makers, and economists, leading businessmen and women and academic specialists, Bahrawi said.  "The official sponsor of the JEF Collegiate Business Venture Award 2007, Al Baik, is an icon of the highest quality and best value in the restaurant industry. Al Baik is also a leader in presenting programs that are educational, entertaining and geared to developing the minds and creativity of the youth in the Kingdom," Abu-Ghazaleh said.

By Irfan Iqbal Khan

© The Saudi Gazette 2007