Wednesday, April 30, 2008

Dubai University College Awards Best Women Entrepreneurs Sponsored by Citigroup

Citigroup Inc. (NYSE: C)
Jun 19, 2006

UAE: Dubai University College Awards Best Women Entrepreneurs Sponsored by Citigroup

Dubai – Dubai University College (DUC) the educational arm of the Dubai Chamber of Commerce and Industry (DCCI), today announced the successful completion of the 2006 “Entrepreneurship and Business Plan Development Workshop” sponsored by the Citigroup Foundation. This announcement came during a certificate award ceremony held at the Dubai Chamber of Commerce & Industry to celebrate the best business plans prepared by the 21 participating entrepreneurs.

The Entrepreneurship Workshops is a highly practical exercise designed to equip the potential entrepreneurs with the necessary knowledge and skills to think creatively about new business ideas. Candidates undergo a rigorous 4-month training program on Idea Generation and Business Plan Development at DUC.

Topics include the challenges of entrepreneurship, building the business plan, strategic planning, forms of ownership, marketing, pricing, cash flows, financial planning, putting the plan to work, and looking at ethical and legal concerns as well as the regulatory environment. Those business plans that prove to be feasible become eligible for financial assistance from the Mohammed Bin Rashid Establishment For Young Business Leaders.

The Entrepreneurship and Business Plan Development Workshop initiative is part of the Joint Venture for Finance & Entrepreneurship (JVFE), which was established in January 2005 as a joint venture between DUC and Citigroup through an equal grant from the Citigroup Foundation. In addition to the Entrepreneurship Workshop, JVFE provides scholarships to merit students at DUC specializing in Management, Marketing, Finance & Banking and Accounting.

H.E. Mr. Abdulrahman Al-Mutaiwee, Director General, DCCI, said: “We are happy to see this unique cooperation between DUC and Citigroup, and we thank the bank for its continued support towards enhancing the academic and entrepreneurial qualifications of UAE nationals and residents. We take this opportunity to urge other corporate active in the UAE to engage academic centres in order to help develop our local talents. The Chamber of Commerce is supportive of such initiatives which help develop the entrepreneurial base of our economy.”

“The JVFE’s objectives are in line with Citigroup and the Citigroup Foundation’s efforts to support financial and entrepreneurial education across the world. Our strategic alliance with DUC will mean that more entrepreneurs and more deserving students will have the chance to succeed and excel,” said Mohammed Al-Shroogi, Citigroup Managing Director for the Middle East. “The success of the JVFE sets a benchmark for a working alliance between academic and business institutions in the UAE.”

Abdul Baset Al Janahi, CEO, Mohammed Bin Rashid Establishment For Young Business Leaders said, “The Mohammed Bin Rashid Establishment For Young Business Leaders recognizes and supports the commitment of both DUC and Citigroup in carrying out this encouraging program for the country’s future workforce. This initiative lays the foundation for the many young entrepreneurs that the Mohammed Bin Rashid Establishment for Young Business Leaders will assist in realizing their business dreams.”

Dr. Omar Hefni, President, DUC said: “JVFE is a unique proposition designed to address UAE’s labor market need for the right talent. The scholarship program as well as the Entrepreneurship workshop have already brought many UAE nationals and residents closer to realizing their post-academic work plans. The continued support of the preeminent financial powerhouse, Citigroup and the Citigroup Foundation, adds value to our objective of linking academia to business world for the full benefit of our students.”

Usha Saraf, Manager, CMPD at Dubai University College, said: “I am proud of each business plan that has been prepared by the participants. Participants as well as instructors put in much hard work, and the result is evident. The internal jurors, who were invited to critique the plans, were impressed by the output. I am glad that in getting this group of women to attend the course we helped their dreams to come true.”

Sandhya Prakash is part of the Citigroup-sponsored Entrepreneurship Program at Dubai University College. A Post-Graduate in Management from Birla Institute of Technology and Science (BITS), Pilani, India, she proposes to set up Melting Pot, a centre that will be a unique concept in a city like Dubai, which thrives on new ideas and is a melting pot of cultures and food habits. The centre is designed for a place like Culture Village.

Sandhya has previously successfully started and run a sole-proprietary firm, Origin International, to market "Made in India” products in the Middle East for five years. Be it in work or organizing events or training Saudi women, she firmly believes in leading by example. Here is what she said about her project and the Citigroup-DUC course:

"My project is called Melting Pot. Melting Pot is a new and unique idea for Dubai and is an ideal concept for a place like Culture Village.

"The course conducted by Dubai University College was ambitious for the three-month timeframe. It aimed at channelizing entrepreneurial ideas. It provided a platform for those launching their own ventures. It taught them to work within a framework and have a business plan in place. In a nutshell, the course aimed at making the entrepreneur check if her project is viable and will succeed. It definitely achieved the above purpose for me. For example, my comfort level with financial planning for a business idea is high after the course. I am sure what I have learnt in the course, will open new doors for me in future."

According to Faye Frigg Peeters Reynaert, who also attended the course, it was "of great interest. It taught us all a lot about the struggles entrepreneurs may face."

Accroding to Madonna Dailey, who attended the course, "The insight and tools this instruction provided has allowed me to put my business and its opportunities into perspective. I'm now encouraged to implement my FoodTech Consultancy business as soon as possible! The steps required to develop and complete a professional business plan gave me the skills required to ensure its success and longevity.

I would like to see an extension of these courses on offer through Dubai University College and the Dubai Chamber of Commerce in the future."

the first Arab Technology Business Plan Competition

Manama, Bahrain 26 February - 2 March, 2006

The winner of the first Arab Technology Business Plan Competition will be known on April 11, 2006. The competition invited young entrepreneurs from the region to submit plans for high potential start-up business projects in the fields of Information Technology, Communications, Life Sciences, Engineering, Nanotechnology, Biotechnology, Pharmaceuticals, Energy Applications and related technology fields. The competition will short list five innovators who will be offered the chance to present their business plans at the 4th International Forum on Investing in Technology in Kuwait on April 10 & 11, 2006. The technology business plan judged as the best will receive a minimum seed investment of $50,000 from the Arab Technology Ventures Seed Capital Fund. Second and third places will be eligible for investment from Arab Technology Ventures Seed Capital Fund.

Applicants had to submit their initial online entries by February 8, 2006. Subsequent submissions had to be entered by March 8, 2006. Private and public presentations will be held on April 9, 2006 concluding with the award ceremony in Kuwait on April 11, 2006. Entrepreneurs from all Arab countries, with new ventures in the seed, start-up or early growth stages were eligible to join the contest, in teams of two to five.

The Investing in Technology Forum has been held every six months since April 2004 by the Arab Science & Technology Foundation (ASTF), a UAE-based independent, non-governmental and non-profit organisation established to promote the development of science, technology and entrepreneurship in the Arab world. The Forum has become the event of choice for those seeking or working in funding technopreneurs. It also plays a pivotal role in the ASTF assistance programme as the projects ASTF supports are presented at the fora. The Investing in Technology Forum is the largest forum of its kind in the Arab world to woo the Arab investor to technology-based projects. The April 2006 Forum is being organized in collaboration with the Islamic Development Bank (IDB); Abdul Latif Jameel Co. Ltd. (ALJ); and National Technology Enterprises Company (NTEC). ASTF is best known for its showcase event, the biennial Symposium on Scientific Research Outlook in the Arab World (SRO), which attracts scientists from across the Arab world and from all over the globe.

The ASTF announced the Arab Technology Business Plan Competition on 20 December, 2005. The competition is being held in collaboration with the Abdul Latif Jameel Company Limited and the Islamic Development Bank and is assisted by organizations in countries throughout the region. UNIDO ITPO Bahrain is the ASTF partner in Bahrain. The other partners are: in Jordan, the Princess Sumaya National Entrepreneurship Competition and Jordan Young Entrepreneurs Association; in Egypt, the Technology Development Fund Business Plan Competition and IDEAVELOPERS; in Syrian, the Syrian Young Entrepreneurs Association, and from Kuwait, the National Technology Enterprises.

As the partner in Bahrain, UNIDO ITPO/ARCEIT (Arab Regional Centre for Entrepreneurship and Investment Training) Bahrain held its first Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) from February 26th to March 2nd, 2006. UNIDO ITPO/ARCEIT Bahrain wanted to hone the skills of the better Arab Technology Business Plan Competition candidates. It invited the candidates to submit their business plans and selected the ones they judged the best. Fifteen from nine countries were accepted in the programme (Bahrain, Egypt, Sudan, Palestine, Jordan, Syria, Kuwait, Tunisia and Saudi Arabia).

The Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) assists budding entrepreneurs with: the development of professional business plans and project profiles as per UNIDO methodology; the commercialization of their products and technologies through the UNIDO ITPO Network and UNIDO exchange; enterprise establishment and strengthening entrepreneurial competencies; skills in managing a small venture; identifying a business opportunity; the promotion of innovative technologies to potential investors; financial analysis and business accounting and guidelines on project implementation. The UNIDO - ITPO / ARCEIT Programme includes a vigorous follow-up mechanism to provide counseling to the entrepreneurs as they take their first steps with their startups.

In this case, the UNIDO-ARCEIT programme enabled the fifteen participants to refine their business plans for submission before the March 8 deadlineof the Arab Technology Business Plan Competition. Regardless of whether these participants are among the winners, ITPO Bahrain will "walking the talk" with these entrepreneurs, as they do with participants in all of their programmes, to maximise the chances of business plans turning into profits. After all, Ms. Huda Janahi doesn't have to be the only former ARCEIT student that wins prizes (see UNIDOScope 26 Feb. - 4 Mar. 2006).

The first Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) received support from ASTF, the Ministry of Industry & Commerce, the Bahrain Development Bank, and the Arab Gulf Programme for United Nations Development Organizations.

Hashim Hussein, Head, Investment and Technology Promotion Office (ITPO) Bahrain, Tel. +973 - 536881, E-mail: itpo.bahrain@unido.org coming events Send your comments to the editor: K.Timmins@unido.org

Sunday, April 27, 2008

Young Arab Leaders and Junior Achievements Sign MOU to Boost Leadership Development and Entrepreneurship

Young Arab Leaders and Junior Achievements Sign MOU to Boost Leadership Development and Entrepreneurship
Initiative Sponsored by Al Ahli Group and Nakheel


Advertising Info
The Young Arab Leaders (YAL) UAE chapter, the foremost development platform for business, public sector and civil society leaders in the Middle East, announced today the signing of a Memorandum of Understanding (MoU) with Junior Achievements Argentina (JAA), a non-profit educational organization aiming to educate and infuse young people with true entrepreneurial spirit.

Under the agreement, 10 Arab youth will travel to Argentina to benefit from the Junior Achievement Company programme. The students will be guided by a role model from the local business community to help them conceptualise and operate an actual business enterprise.

Al Ahli Group, a leading UAE-based multi-disciplined organization, and Nakheel, a Dubai World company and one of the largest and most innovative private real estate developers in the region, are sponsoring the initiative that is set to boost leadership development and entrepreneurship among the Arab youth.

Mohammad Khammas, Vice-Chairman of YAL-UAE Chapter and CEO of Al Ahli Group said: “The Arab region boasts a unique and massive resource that is still untapped – its youth.

While the region has some of the most ancient civilizations in the world, Arabs themselves include the largest number of young people of any region, with the age structure of the population being significantly younger than the global average. Along with the fastest growing labour force, Arab countries possess an enviable ‘demographic gift’. It is absolutely imperative that we leverage this potential for the future of our economic development.

”YAL’s collaboration with Junior Achievement Argentina is a step towards achieving our goal to create a pool of Arab entrepreneurs that will be comparable to the best in the world. I would like to take this opportunity to thank Nakheel for supporting this initiative”
The 10 Arab students selected for the experiential three-phased JAA programme will participate in academic, cultural, social and recreational activities that offer high value on both personal and professional levels.

In the first week, students will mingle with nearly 600 youth from all over the world and gain exposure through lectures, competitions, workshops, group activities and sports. They will also attend the International Forum of Entrepreneurs (FIE) 2008 that will be held at Cordoba Hills in Argentina, where participants will acquire rich lessons on values, attitudes and tools to improve their personal skills as well as shape themselves as key enablers for the sustainable transformation of their communities.

In week two, the Arab students will join 10 Argentinean students and will be trained by specialists in five content areas of strategic planning, marketing, international logistics, production and costs. They will also visit a select number of high performing local companies in Argentina such as dairy farming, agricultural machinery, horticultural gardens, grains and oilseeds, cold storages and motor vehicles parts and body assemblies.

In the final week, participants will begin to apply their acquired learning tools to the design of their own business project. Assisted by specially assigned mentors, the students will provide a brief account of their respective projects to the rest of the students and members of JAA and YAL.

Manal Shaheen, Director of Marketing and Sales at Nakheel said: “Opportunities for practical and sector-specific entrepreneurship training are virtually non-existent or too costly for Arab youth. There are also few initiatives, which match successful business mentors with entrepreneurs in urgent need of specialized guidance and linkages to business networks to succeed as startups or to mature into SMEs.

“Nakheel recognizes the need for such initiatives in the Arab world and is keen on providing the Arab youth with such talent enabling opportunities”, she added.
Capping the value intensive programme, an award ceremony recognizing the best business model will be held in Dubai in October 2008, amidst selected business owners and proponents of youth development.

Monday, April 14, 2008

Liquid wealth in GCC set to rise sharply

Liquid wealth in GCC set to rise sharply
By Eman Al Baik on Tuesday, April 8 , 2008





The Middle East private banking business is growing at more than 25 per cent annually while the asset value of high net worth individuals in the region has grown by over 29 per cent, experts at a conference in Ras Al Khaimah said on Monday.


Oussama El Omari, Director General of Ras Al Khaimah Free Trade Zone (RAK FTZ), said that liquid wealth held by wealthy individuals in the UAE and the GCC is forecast to rise dramatically after 2008.

He was speaking at the two-day International Ras Al Khaimah Family Office and Investment Summit inaugurated yesterday by Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

El Omari said: “Ultra-high net worth family offices in the GCC are not only investing in equities and debt but also commodities, private equity, venture capital, emerging markets, hedge funds and real estate.”

The situation has prompted especially large banks to scale up their private banking divisions, open new offices and recruit bankers who can manage the assets of the wealthy families and the new wealthy class of entrepreneurs in the Gulf, he said. He said the GCC is exhibiting the fastest growth rates since the initial petrodollar bonanza three decades ago, making this a very appropriate time to stage a conference which, among other things, will look at new ways to manage family wealth.

The two-day International Ras-Al-Khaimah Family Office and Investment Summit is organised by the Geneva and London based Financial Events International, and is attended by international line-up of delegates including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisor.

It has attracted an extremely distinguished international line-up of delegates, including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisors.

The event is also aims to explore investment opportunities in RAK which is seen by the delegates with its strong investment potential as the future investment destination, said Dr Nabil Charag, Arttorney at Law and President of Financial Events International.

The conference was jointly chaired by Dr. Ludovic Verbist, Managing Director of Swiss-based AAMIL Ltd, a leading provider of international financial services, and Dr Nabil Charaf. The panel of financial experts addressing the summit includes Dr Ariel Sergio Goekmen, Director, Credit Suisse Head Office in Switzerland, Lisa Gray, President and CEO, Graymatter Strategies, US, Dr Hatim Tahir, Head of Training, Dubai International Financial Exchange, Mohamad Bakkar, Attorney at Law, Arab Economy Establishment, Lebanon and Dr Sabahuddin Azmi, of the Emirates Institute for Banking and Financial Studies in Sharjah.