Sheikh Hamdan Bin Mohammed grants AED2 million in rewards to top 100 projects in YEC 2013
Dubai, 27 April 2013: His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture & Arts Authority, honoured the top 100 projects and the best 10 participating in the 'Young Entrepreneur Competition 2013 (YEC 2013), organised by Dubai SME, the agency of the Department of Economic Development mandated to develop the small and medium enterprise (SME) sector.
The best 10 projects in the competition were selected based on a set of criteria ranging from their commitment to YEC rules and regulations, marketing, customer service, operations, and other factors such as innovations and sustainability.
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum has announced AED2 million in financial rewards to the top 100 projects in the 'Young Entrepreneur Competition 2013 where each project will receive AED 20,000. The rewards come as part of Sheikh Hamdan's support for the youth and initiatives that enhance the role of the youth in national development.
Three distinctive projects have been selected to be granted AED50, 000 from His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, which are Emarati Deal, Torath Al Emarat, and Zozi Design.
At a special ceremony held to mark the conclusion of YEC 2013, His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum; His Excellency Mr Sami Al Qamzi, Director General of DED; and Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME, also honoured partner institutions including the Ministry of Presidential Affairs as the main sponsor, and Ras Al Khaimah Free Trade Zone as a silver sponsor. The partners also included Ministry of Education, Ministry of Social Affairs, Marina Mall - Abu Dhabi, Al Hamra Mall in Ras Al Khaimah, WAFI, Ras Al Khaimah Police, Dubai Police and Directorate General of Civil Defense - Dubai.
Abdul Baset Al Janahi said: "We thank His Highness Sheikh Hamdan for his support to initiatives focusing on advancing youth talent and creativity. His generosity and trust will inspire the youth in the country to make the best use of their skills and help drive national development."
"The success of YEC comes in line with the directions of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to enhance the SME sector. His Highness has said: "Youth are the key pillars in developing the society. Their innovations, creations and accomplishments are the driving force of development," added Al Janahi.
"Dubai SME is keen to launch initiatives that support the emirate's efforts to sharpen the skills of our young entrepreneurs. We are pleased to offer the Young Entrepreneur Competition and through it extend an opportunity for students to manage their own small businesses and learn basic business skills that will enhance their desire to build their own business in the future," added Al Janahi.
Al Janahi noted that since its launch in 2005, the Young Entrepreneur Competition, which is one of the flagship initiatives of Dubai SME, has seen continued growth and increasing. More than 3,500 projects and over 10,000 students have been part of this event, which reflect its success in grooming outstanding entrepreneurs.
"Dubai SME is proud to have expanded the competition in its 9th year to include Abu Dhabi and Ras Al Khaimah from Dubai. The expansion was aimed to reach out to the largest possible number of school and university students across the UAE and facilitate their participation in the competition," said Nisrin Al Harmoudi, General Coordinator of YEC.
Al Harmoodi added: "The positive response from the students to this event confirms their understanding of the concept of small and medium enterprises and the benefits of doing business as well as the status the competition has earned as a milestone in the entrepreneurial journey of the UAE".
Nisrin Al Harmoudi commended the efforts of the judging panel that selected the winning projects with absolute transparency and neutrality, and also praised the new business projects that have participated in the current cycle, reflecting a continuous pursuit of innovation by students.
The Young Entrepreneur Competition was launched by Dubai SME as part of its commitment to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to sow the seeds of entrepreneurship among the younger generations at a very early age. Nurturing business skills among the youth also aligns with Dubai SME's mandate to develop the SME sector.
YEC aims to inspire and enable the younger generations to become entrepreneurs in the future by introducing them to the foundations of entrepreneurship and a real world of business to compete. The competition allows students to learn the basic principles of starting and operating a business and also apply them in an innovative market place.
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About Dubai SME:
Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups and groom promising SMEs.
Dubai SME's vision is to make Dubai the centre for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai.
For further information, please contact:
Nafisa Elmarzouky
Marketing & Communication Department
Department of Economic Development
Tel: (971 4) 3613067
Email: nafisa.elmarzouky@dubaided.gov.ae
© Press Release 2013
