Mohammed Bin Rashid Establishment for SME Development, an agency of the Department of Economic Development in Dubai, today signed a Memorandum of Understanding (MoU) with Awqaf and Minor Affairs Foundation in Dubai to create funds and endowment to further drive the social and economic development of Dubai, and boost small and medium enterprises.
The MoU was signed by His Excellency Abdul Baset Al Janahi, CEO of MBRE for SME Development, and His Excellency Abdul Rahman Tayeb Al Rais, Secretary General of Awqaf and Minor Affairs Foundation.
As per the MoU, an informative media campaign targeting businesses, stakeholders and public will be launched to educate them on the importance of establishing Waqf Funds, and their involvement in setting up such projects.
His Excellency Abdul Baset Al Janahi, CEO MBRE for SME Development, said: "This step is part of the strategy of MBRE to improve the performance of the SMEs in Dubai as per the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of UAE, and Ruler of Dubai. The cooperation with the Awqaf and Minor Affairs Foundation is strategic to support small and medium businesses as it provides a creative source of funding".
"We aim at building bridges of cooperation and strategic partnerships with various organizations and institutions that contribute in supporting SME development," added Abdul Baset.
His Excellency Abdul Rahman Tayeb Al Rais Secretary General, Awqaf and Minor Affairs Foundation said: "We aim through this cooperation with MBRE at creating an encouraging environment to support the growth of small and medium business enterprises. Our objectives remain also around enabling citizens to play an active role in promoting the growth of the national economy, providing strategic and operational support to these projects, and strengthening their positioning and competitiveness, by offering development programmes based on Islam regulations to meet society needs".
The Awqaf and Minor Affairs Foundation coordinates with MBRE for SMEs in designing a legitimate framework for production, marketing, trading and dealing with endowments to foster the trust of the community and further strengthen the Waqf Funds.
The two organizations will work together and set the rules and standards to elect candidates to enter into partnerships with Waqf funds in the field of SMEs.
MBRE for SME Development and Awqaf will prepare induction programmes aimed at clarifying elements associated with SMEs. They will also provide the complete set of brochures, flyers and other informative materials to raise awareness on Al Waqf Funds.
MBRE will also provide valuable information to the candidates who earned permissions to start their small or medium business along with consulting services, training and skills development that is necessary to achieve success.
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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.
For more information, please contact:
Nedal Al Asaad
Nizar Aridi,
ASDA'A Burson-Marsteller
Tel: (+971 4) 334 4550;
Fax: (+971 4) 334 4556
E-mail: n.alasaad@asdaa.com
E-mail: n.aridi@asdaa.com
© Press Release 2010
