Sultan bin Jamal Al Qasimi inaugurates Young Entrepreneur Competition at Al Hamra Mall in Ras Al Khaimah

Ras Al Khaimah, 10 April 2013

Sheikh Sultan bin Jamal bin Saqr Al Qasimi, Manager of Department of Citizens Affairs - Ruler's Court, has inaugurated the Young Entrepreneur Competition (YEC 2013), organised by Dubai SME under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai's Executive Council, at Al Hamra Mall in Ras Al Khaimah.

More than 120 students from Ras Al Khaimah, Umm Al Quwain and Fujairah are exhibiting their entrepreneurial projects in specially designed in kiosks inside the mall for four days up to the 13^th of April as part of the competition, which is supported by the Ministry of Presidential Affairs as the main sponsor and Ras Al Khaimah Free Trade Zone (RAK FTZ) as a silver sponsor.

Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME), organises YEC with the objective of inculcating entrepreneurial spirit among students in public and private secondary schools and universities across the UAE. The annual event, currently in its ninth cycle, is being held in Ras Al Khaimah for the first time.

Sheikh Sultan bin Jamal Al Qasimi toured the exhibition and expressed happiness at the level of participation as well as creativity on display and stressed the importance of the event in promoting entrepreneurialism well as the SME sector for a prosperous future for the nation. He also instructed the YEC Committee to support and inspire whole-hearted participation and healthy competition among the students.

Shaikh Ahmad Saqer Mohamed Al Qasemi, Chairman of RAK Free Trade Zone, said: "RAK FTZ is very happy to support this initiative, especially as this is the first time that Dubai SME has added Ras Al Khaimah as a venue of the exhibition.  SMEs continue to play a pivotal role in our developing economy. Supporting and cultivating young business leaders and Emirati-entrepreneurs in Ras Al Khaimah and across the UAE is very important for the future development of the country".

"One of RAK FTZ's corporate responsibility mandates is to support and contribute to programmes and initiatives like the Saud Bin Saqr Program for Young Business Leaders in Ras Al Khaimah and the Dubai SME Young Entrepreneurs Competition that gives small businesses a small but functional platform to take off. Whatever the form it takes, our aim will be to support and give our young entrepreneurs a boost", added Shaikh Ahmad Al Qasemi.

Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME thanked Sheikh Sultan bin Jamal bin Saqr Al Qasimi for his support and said it showed how the UAE leadership encourages new ideas and thinking. "The Young Entrepreneur Competition, since its launch in Dubai, has become bigger and better every year, promoting creativity and innovation among a growing number of students for long-term success and growth of the nation," he added.

Nisrin Mohammed Al Harmoodi, General Coordinator of YEC remarked that the competition in its very first year in Ras Al Khaimah has stood out in terms of diversity and visitor interest. "The projects showcased extend from art and fashion to traditional products with 95 per cent of UAE nationals' participating," said Al Harmoodi.

The competition is an opportunity for participants to test-launch their entrepreneurial ideas and skills in the real world of business while also learning the basic principles of starting and operating a business. High school (grade 10) and university students in the age group of 15-25 years can participate in the event.

The kiosks will be open throughout the mall operational hours, from 10 a.m. to 10 p.m. A jury comprising of specialists from Dubai SME and external agencies will evaluate the projects and shortlist the best 100 before selecting the final winners. Creativity, innovation, marketing and customer service are the key criteria in selecting the winners. The winners will be honoured later by Dubai SME.

Al Harmoodi noted that a 'Participant Pack' is being given to each contestant. The pack includes a receipt book, price tags, calculator and stationary intended to facilitate the process of buying and selling and create a competitive spirit and enthusiasm among the students.

The competition feature a range of projects spanning fashion, fine arts, handicrafts, traditional or heritage products, health products (excluding medicines), environmental awareness products (recycling, renewable energy), educational material (games, tools, modern teaching aids), interior design, cultural activities, and information technology.

For more information on YEC 2013, call 800 SME (763) or email www.yec.ae. YEC 2013 is also on www.facebook.com/yecuae, www.twitter.com/yecuae, and www.youtube.com/yecuae.

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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