MoU to Encourage Entrepreneurship and Invention in the Arab World
Dubai/New York: 14 July, 2009 - The Mohammed bin Rashid Al Maktoum Foundation today announced it has signed a Memorandum of Understanding (MoU) with the Charles Edison Fund, a US-based philanthropic institution dedicated to supporting international initiatives in medical research, science education and historic preservation.
The announcement came as part of the Foundation's visit to the US to explore and cement partnerships with organisations that will help expand its reach and increase collaboration on projects based in the Arab World.
Led by Adel Al Shared, Vice-Chairman and Managing Director, Mohammed bin Rashid Al Maktoum Foundation, the delegation included Sultan Lootah, Vice President - Entrepreneurship and Employment Sector.
According to the agreement, both organizations will work towards promoting the development of broader and deeper innovation capabilities throughout the Arab region to ensure sustainable economic growth and the creation of new employment opportunities. It also mandates offering proper training cycle, mentoring and coaching for budding entrepreneurs, and providing one of the best modules in supporting inventors to become successful entrepreneurs and become change agents to drive growth in the region.
Adel Al Shared Vice-Chairman and Managing Director, Mohammed bin Rashid Al Maktoum Foundation, said: "In collaboration with Edison, the Foundation will develop leaders of change who will have an impact in job creation in the 22 Arab countries. They will work towards spreading awareness on the importance of entrepreneurship and innovation, thus positively impacting economic growth in their respective countries."
Incorporated in 1948 as The Brook Foundation by Charles Edison, Governor of New Jersey and son of visionary scientist Thomas Alva Edison, the Charles Edison Fund is dedicated to supporting worthwhile endeavours within the areas of medical research, science education and historic preservation.
The Mohammed bin Rashid Al Maktoum Foundation has entered into alliances with several organisations to help the region achieve knowledge capabilities and social progress and will continue to be actively engaged in strengthening capabilities in the Arab world through implementing various initiatives under its different sectors - Knowledge and Education, Emplyment and Entrepreneurship and Culture Sectors.
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About Mohammed Bin Rashid Al Maktoum Foundation:
The Mohammed bin Rashid Al Maktoum Foundation was founded on the personal initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, with an endowment worth US$10 billion. The Foundation was announced by His Highness Sheikh Mohammed at the World Economic Forum on the Middle East held at the Dead Sea, Jordan, in May 2007. Through three strategic sectors of Culture, Knowledge and Education, as well as Entrepreneurship and Employment, the Foundation seeks to develop knowledge and human capabilities in the Arab world. The Foundation's three underlying principles are; Building the region's human capital with a pool of knowledgeable and talented individuals; Offering better opportunities for the region's younger generation to acquire knowledge and secure a better future; and Promoting leadership qualities among the younger generation to enhance their living standards.
About Charles Edison Foundation
The Charles Edison Fund (the "Fund") is an endowed philanthropic institution dedicated to the support of worthwhile endeavors generally within the areas of medical research, science education and historic preservation. The Fund is an extension of the benefactions and aspirations of its Founder, a man of discerning foresight, rare achievement and background.
For further information please contact:
Sultan Al Jesmi
Mohammed Bin Rashid Al Maktoum Foundation
Tel: +971 4 4233 472
Email: sultan.aljesmi@mbrfoundation.ae
Mathilda Saad
JiWin
Tel: +9714 361 3879 (direct)
+9714 361 3333 (switchboard)
+97150 699 9890
Fax: +9714 388 8001
Email: mathilda.saad@jiwin.ae
© Press Release 2009
