Dh37 billion set aside to groom young Arab leaders

posted on 17/06/2008: 57 views

Sawaed, the first-of-its-kind innovative business programme in the Middle East to stir the spirit of entrepreneurship among the youth across the Arab world, was launched yesterday. A memorandum of understanding was signed between the Mohammed bin Rashid Al Maktoum Foundation and the Young Arab Leaders (YAL).

The signing of the MoU was attended by over 100 business leaders, entrepreneurs and media persons from all members of the League of Arab States, from as far as Africa to the Gulf and the Middle East countries.

The MoU was signed by Sultan Lootah, vice-president, Entrepreneurship and Employment, the Mohammed bin Rashid Al Maktoum Foundation and Assem O. Kabesh, CEO of the YAL.

Lootah said an endowment of Dh37 billion has been set aside to develop future leaders and create a knowledge-based society in the Arab world under Sawaed through the key components of knowledge creation, culture, entrepreneurship and employment generation.

On the other hand, Kabesh hailed the programme as it helps Information Communication Technology (ICT) in the Arab countries, which really need funding to make bigger sustainable projects for Arab entrepreneurs.

The YAL has 500 members across Arab countries, he said, and 30 of them are coming to willingly and readily volunteer as mentors out of their compassion to do something for the young Arabs.

"The world now is very much concentrating on small and medium enterprises (SMEs) because it employs the highest number of people, involves the highest number of companies and, most of all, constitutes a greater part of the global economy," he said.

"Realising this, we have decided to join hands to challenge the private sector to develop innovative business concepts to develop the Arab world."

Operating as a challenge fund, Sawaed programme will award non-refundable grants of between Dh100,000 and Dh1 million to the best projects in the private sector directed at increasing the amount of high quality and quantity of Internet information in Arabic, developing and improving access to it, using Internet culture, and using information technology for developing education and knowledge to promote Arab capabilities.

The Foundation has contracted Coffey International Development, the world's leader in developing challenge fund, to design and manage the fund. The programme will have the first round by December 12 this year, and funding will be disbursed after March 22, 2009.

Stephanie Doust, manager of the Strategic and Development Communication of Coffey International Development (Middle East), said the number of project recipients is open as long as they conform to the aim of Sawaed. Up to 50 per cent of the cost of the projects will be funded from the programme.

Qualified to join in the programme are those registered in any of the 22 countries of the League of Arab States, willing to contribute to the required project costs in cash or in kind, willing to undergo the two stages of the application process, namely concept note and full application. The projects must be for profit business not for-profit organisation but may be part of the consortium led by a for-profit business. –Khaleej Times

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