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."